Bursa Malaysia Daily Market Report - 13 April

Transcription

1. Thursday , 13 April, 2017 For Internal Circulation Only TA RESEARCH’S ‘DAILY COMPILED REPORTS’ News 1. Daily Market Commentary 2. Daily Brief Fundamental Reports 1. Heineken (M) Berhad: Lower Earnings Due to Early Chinese New Year 2. Luster Industries Berhad: What’s Cooking in Luster Technical Reports 1. Daily Technical Stock Picks 2. Daily Stock Screen 3. Foreign Technical Stock Watch (AUS HK, & FSSTI) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research
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Daily Note Daily Market Commentary TA Research e-mail : taresearch@ta.com.my For Internal Circulation Only KLSE Market Statistics (12.04.2017) (mil) Main Market 2,447.7 Warrants 156.2 ACE Market 1,402.9 Bond 11.9 ETF Total 4,018.7 Off Market 144.6 Volume +/-chg (RMmn) -552.5 2,193.3 -37.1 22.6 377.1 186.0 2.2 1.4 -0.06 2,403.3 123.6 85.7 Value +/-chg -202.1 -1.2 33.2 0.1 -0.06 58.8 Major Indices Index +/- chg Malaysia FBMKLCI FBMEMAS FBMSCAP April Futures Other Markets DOW JONES NASDAQ (US) FTSE (UK) NIKKEI (JAPAN) KOSPI (KOREA) HANG SENG (HK) FSSTI (S'PORE) SET (BANGKOK) JCI (JAKARTA) SHANGHAI SHENZHEN AUSTRALIA (mn) 40.5 38.0 36.8 22.0 3.4 Value/ Volume 0.90 0.14 0.13 0.12 #DIV/0! 0.60 0.59 Up Down 316 367 53 81 55 54 3 4 0 0 427 506 % chg % YTD chg 1,744.08 12,440.74 17,514.64 1,744.00 8.24 48.67 -1.91 3.50 0.47 0.39 -0.01 0.20 6.23 8.50 19.02 6.63 20,591.86 5,836.16 7,348.99 18,552.61 2,128.91 24,313.50 3,186.01 1,589.50 5,644.16 3,273.83 2,007.00 5,933.96 -59.44 -30.61 -16.51 -195.26 5.06 225.04 11.26 6.72 16.22 -15.14 -15.38 4.68 -0.29 -0.52 -0.22 -1.04 0.24 0.93 0.35 0.42 0.29 -0.46 -0.76 0.08 4.20 8.42 2.89 -2.94 5.06 10.51 10.60 3.02 6.56 5.48 1.92 4.73 Top 10 KLCI Movers Based on Mkt Cap. Off Market PTRANS SEM TIGER PLABS BJASSET (A Participating Organisation of Bursa Malaysia Securities Bhd) Menara TA One, 22 Jalan P Ramlee, 50250 Kuala Lumpur Tel : 603 - 2072 1277. Fax : 603 - 2032 5048 Thursday, 13 April 2017 @ @ @ @ @ (RM) 0.21 1.55 0.04 0.29 1.00 Counter PCHEM IHH CIMB MAXIS AXIATA DIGI GENTING MISC GENM KLK Mkt Cap. (RM’mn) 62,400 49,720 48,510 48,142 46,574 39,653 35,441 33,166 31,460 26,070 Chg (RM) 0.17 0.02 0.01 0.04 0.11 0.01 0.19 0.11 0.06 0.02 Vol. (mn) 4.60 6.16 9.35 3.09 4.12 5.24 7.33 1.06 11.01 3.19 Review & Outlook Bursa Malaysia shares were stuck in range bound trade Wednesday, but late strength on selective blue chip heavyweights lifted the index to close higher, ignoring the weaker regional tone dampened by lingering geopolitical concerns. The KLCI ended 8.24 points up at the day's high of 1,744.08, off an opening low of 1,735.06, as losers beat gainers 506 to 427 on total turnover of 4.02bn shares worth RM2.4bn. Persistent profit taking and selling amid cautious external tone should continue to dampen near-term sentiment, forcing stocks to consolidate with downward bias. Immediate support for the index stays at 1,736 and 1,721, the rising 30 and 50-day moving averages, with the 1,700 psychological level acting as stronger support. Immediate overhead resistance remains at 1,758, the 23.6%FR of the 1,310 to 1,896 upswing closely matching last week's high, with stronger hurdle from 1,782, the 76.4%FR of the 1,867 to 1,503 correction. Digi needs to overcome the 61.8%FR (RM5.26) to enhance upside momentum and target the 76.4%FR (RM5.48), with a confirmed breakout to re-test the peak of 18/09/15 (RM5.85), while crucial support cushioning downside is found at 23.6%FR (RM4.67). Likewise, TM needs to climb above the 38.2%FR (RM6.56) to boost upside momentum towards the 50%FR (RM6.80), while a convincing breakout would challenge the 76.4%FR (RM7.32). Immediate support is coming from the low of 30/12/16 (RM5.81). • • • • • • • • • • • • Exchange Rate USD/MYR 4.4266 -0.0061 USD/JPY 109.61 -1.0100 EUR/USD 1.060 -0.0010 Commodities Futures Palm Oil (RM/mt) 2,538.00 -17.00 Crude Oil ($/Barrel) 52.82 -0.58 Gold ($/tr.oz.) 1,288.90 12.40 Important Dates PASUK GB - 1:1 Rights Issue - RI of up to 405.8m shares. SUKGB 1 rights share for every 1 existing share held, at an issue price of RM0.10 per rights share. Trading of Rights: 11/04 - 17/04/2017. Application Closed: 26/04/2017. LISTING ON: 11/05/2017. • • • • News Bites SP Setia Berhad confirmed that it was among the 24 bidders for the tender of a residential plot at Toh Tuck Road. Aluminium Company of Malaysia Berhad is proposing to undertake a capital reduction and repayment of up to RM43.0mn on the basis of RM0.32/share held, via a reduction of its share capital. Berjaya Assets Berhad acquired a 1.6% stake in 7-Eleven Malaysia Holdings Berhad from Berjaya Retail Berhad for RM27.0mn or RM1.50/share. Navis Capital Partners has expanded its premium grocery shopping business in Malaysia, following the acquisition of Ben's Independent Grocer supermarket chain by its majority-owned subsidiary Village Grocer Holdings Sdn Bhd. ECM Libra Financial Group Bhd is still unable to identify a new potential venture to expand its income stream. Lion Industries Corporation Berhad announced the proposed sale of a piece of leasehold land in Klang measuring 3.3ha in area together with the buildings erected to Yinson Corporation Sdn Bhd for RM45mn. Wisma MCIS and its annexe block is in the market for a sale and leaseback deal as MCIS Insurance is inviting expressions of interest for the properties. The public tranche of Eversafe Rubber Bhd's IPO has been oversubscribed by 65 times. GHL Systems Berhad announced an acquiring license agreement with Mastercard that will help GHL offer electronic payment services and enhanced card acceptance infrastructure for Mastercard products and solutions. M N C Wireless Berhad entered into a MoU with M3 Technologies (Asia) Bhd for the development of an inclusive e-commerce platform with integrated payment gateway solutions and end to end logistic support, to operate in the Malaysia Digital Free Trade Zone. NetX Holdings Berhad entered into a Technology Collaboration Agreement with XOX Wallet Sdn. Bhd., to develop an electronic payment mobile exchange. PDZ Holdings Bhd has resolved to take steps to defend the arrest of its vessel, PDZ Maju, which had earlier been served a Write in Action in Rem and Warrant of Arrest by Continental Platform (M) Sdn Bhd Heineken (M) Berhad (Heineken) reported 1QFY17 net profit of RM48.9mn (-3.7% YoY), accounting for 17.4% of our full-year forecast and 17.0% of consensus estimates. It was within expectations. ZhuLian Corporation Berhad's 1QFY17 net profit doubled from a year ago to RM14.6mn. Foreign investors dumped a whopping RM26.2bn in Malaysian bonds in March 2017 - the biggest monthly sell-off since the data was collated by Bank Negara Malaysia in 2011. President Donald Trump said the U.S. dollar is getting too strong and he would prefer the Federal Reserve keep interest rates low. He also said his administration won't label China a currency manipulator and left open the possibility of renominating Janet Yellen as the Federal Reserve Chairwoman. DISCLAIMER The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD Kaladher Govindan, Head of Research
3. TA Securities Thursday , April 13, 2017 FBMKLCI: 1,744.08 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Daily Brief Market View, News In Brief: Corporate, Economy, and Share Buybacks THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* TA Research Team Coverage Market View Tel: +603-2072 1277 taresearch@ta.com.my www.taonline.com.my Consolidate With Downward Bias Bursa Malaysia shares were stuck in range bound trade Wednesday, but late strength on selective blue chip heavyweights lifted the index to close higher, ignoring the weaker regional tone dampened by lingering geopolitical concerns. The KLCI ended 8.24 points up at the day’s high of 1,744.08, off an opening low of 1,735.06, as losers beat gainers 506 to 427 on total turnover of 4.02bn shares worth RM2.4bn. Immediate Supports from 1,736/1,721 Persistent profit taking and selling amid cautious external tone should continue to dampen near-term sentiment, forcing stocks to consolidate with downward bias. Immediate support for the index stays at 1,736 and 1,721, the rising 30 and 50-day moving averages, with the 1,700 psychological level acting as stronger support. Immediate overhead resistance remains at 1,758, the 23.6%FR of the 1,310 to 1,896 upswing closely matching last week’s high, with stronger hurdle from 1,782, the 76.4%FR of the 1,867 to 1,503 correction. Buy Digi & TM Digi needs to overcome the 61.8%FR (RM5.26) to enhance upside momentum and target the 76.4%FR (RM5.48), with a confirmed breakout to re-test the peak of 18/09/15 (RM5.85), while crucial support cushioning downside is found at 23.6%FR (RM4.67). Likewise, TM needs to climb above the 38.2%FR (RM6.56) to boost upside momentum towards the 50%FR (RM6.80), while a convincing breakout would challenge the 76.4%FR (RM7.32). Immediate support is coming from the low of 30/12/16 (RM5.81). Asian Markets Mostly Lower as North Korea Tensions Mount Asian markets were mostly lower on Wednesday, as tensions continue to ratchet up on the Korean Peninsula following a warning from North Korea of a nuclear attack on the U.S., as a U.S. Navy strike group steamed toward the western Pacific. Japan's navy also plans joint drills with the U.S. force, sources told Reuters. Trump said in a tweet that North Korea was "looking for trouble" and the U.S. would "solve the problem" with or without China's help. At the same time, U.S. Secretary of State Rex Tillerson was in Moscow to denounce Russian support for Syria's Bashar al-Assad, raising the stakes in the Middle East. Japanese stocks fell to their lowest in more than four months, with exporters hit especially hard as the safe haven yen spiked to a five-month high. The Nikkei 225 share average dropped 1.0 percent to 18,552.61, the lowest closing level since Dec. 7. China stocks also slid on Wednesday, as softer producer inflation data raised questions on the sustainability of the country's economic recovery and some shares that had rallied on plans for a new economic zone lost steam. The blue-chip CSI300 index fell 0.2 percent to 3,509.44, while the Shanghai Composite Index lost 0.5 percent to 3,273.83 points. Page 1 of 8
4. TA Securities 13-Apr-17 A Member of the TA Group Trump Comments and Geopolitical Concerns Keeps Wall Street Nervous U .S. equities closed lower on Wednesday as investors assessed the President Donald Trump's comments on the dollar and the ongoing geopolitical landscape. Trump said in a Wall Street Journal interview that the dollar "was getting too strong” and will not brand China a currency manipulator. Bonds also benefited from Trump’s comments that he likes the Federal Reserve’s low-interest-rate policy and is leaving open the possibility of renominating Chair Janet Yellen. Meanwhile, rising U.S. tensions with Russia, North Korea and Syria after U.S missile strikes in Syria last week and the moving of U.S. warships toward the Korean Peninsula have also kept investors cautious. The materials and industrials indexes both ended more than 1 percent lower on the day. On earnings front, Citigroup, J.P. Morgan and Wells Fargo are all set to report their first-quarter earnings before the stock market opens later in the day, unofficially launching earnings season. During this earnings season, U.S. companies were expected to report their strongest quarterly earnings since 2011, as of March 31, according to Fact-Set. The Dow Jones Industrial Average closed down 59.44 points, or 0.29 percent, to 20,591.86, the S&P 500 lost 8.85 points, or 0.38 percent, to 2,344.93 and the Nasdaq Composite dropped 30.61 points, or 0.52 percent, to 5,836.16. Page 2 of 8
5. TA Securities 13-Apr-17 A Member of the TA Group News In Brief Corporate Navis Capital Partners has expanded its premium grocery shopping business in Malaysia , following the acquisition of Ben’s Independent Grocer supermarket chain by its majorityowned subsidiary Village Grocer Holdings Sdn Bhd. The acquisition will see Village Grocer having a total of 12 outlets and a combined revenue of over half a billion ringgit. It will also bring about operational synergies. (The Edge) ECM Libra Financial Group Bhd is still unable to identify a new potential venture to expand its income stream. The group is actively evaluating various opportunities and has been bidding for various projects, including a hotel development in Sri Lanka. It had also applied for many different things, including some property development projects. (The Edge) Lion Industries Corporation Berhad announced the proposed sale of a piece of leasehold land in Klang measuring 3.3ha in area together with the buildings erected to Yinson Corporation Sdn Bhd for RM45mn. Thereafter, it will leaseback the property from Yinson for a period of 5 years. The exercise is to unlock the value of its fixed assets in order to partially settle outstanding trade debts owed to Yinson of approximately RM83mn. (Bursa) Wisma MCIS and its annexe block is in the market for a sale and leaseback deal. MCIS Insurance is inviting expressions of interest for the 1.75 acres fronting Jalan Barat, which is located adjacent to the redevelopment site known as Petaling Jaya Commercial Centre. It is divesting the land following “a review” of the company’s strategy going forward. (The Star) SP Setia Berhad confirmed that it was among the 24 bidders for the tender of a residential plot at Toh Tuck Road. However, no official notification has been received from the Urban Redevelopment Authority, Singapore on the final result of the tender award. (Bursa) Comment: According to Urban Redevelopment Authority of Singapore (URA) website, the top bid came from SP Setia International at SGD265mn, which translates into SGD939 psf per plot ratio. The winning bid was only 2% above the second-highest bid of SGD260mn put in by Singhayi Investment Pte Ltd. No further details on the project for now as the company has yet to receive the official notification on the final result of the tender award. While details remain sketchy, we believe the latest land tender provides an opportunity for SP Setia to replenish its landbank in Singapore. Nevertheless, we are neutral at this juncture, pending more information on the proposed development. No change to our earnings forecasts. Maintain SP Setia as Buy with an unchanged target price of RM3.82 based on 15x CY17 EPS. Aluminium Company of Malaysia Berhad is proposing to undertake a capital reduction and repayment of up to RM43.0mn on the basis of RM0.32/share held, via a reduction of its share capital. This is to achieve a more efficient capital structure and to reward its shareholders. (Bursa) Berjaya Assets Berhad acquired a 1.6% stake in 7-Eleven Malaysia Holdings Berhad from Berjaya Retail Berhad for RM27.0mn or RM1.50/share. The consideration represents a 10.2% discount to its 5 day VWAP. (Bursa) The public tranche of Eversafe Rubber Bhd’s IPO has been oversubscribed by 65 times. A total of 13,194 applications for 824.9mn shares were received from the public for 12.5mn new shares made available for public subscription. (The Edge) GHL Systems Berhad announced an acquiring license agreement with Mastercard that will help GHL offer electronic payment services and enhanced card acceptance infrastructure for Mastercard products and solutions. By providing a simplified online registration process, the initiative looks to encourage many of the approximately 500,000 Tier 4 smaller merchants to utilise simple, safe and smart e-payment offerings. (Bursa) Page 3 of 8
6. TA Securities 13-Apr-17 A Member of the TA Group M N C Wireless Berhad entered into a Memorandum of Understanding with M3 Technologies (Asia) Bhd for the development of an inclusive e-commerce platform with integrated payment gateway solutions and end to end logistic support, to operate in the Malaysia Digital Free Trade Zone. (Bursa) NetX Holdings Berhad entered into a Technology Collaboration Agreement with XOX Wallet Sdn. Bhd., to develop an electronic payment mobile exchange. This is to enable every XOX Berhad subscribers to be an e-commerce merchant and have interconnect ability with local and international payment gateways. (Bursa) PDZ Holdings Bhd has resolved to take steps to defend the arrest of its vessel, PDZ Maju, which had earlier been served a Write in Action in Rem and Warrant of Arrest by Continental Platform (M) Sdn Bhd (CPSB). The arrest of vessel was made pursuant to the claim by CPSB for, amongst others, an amount of RM563k for the non-payment of supply of bunkers to PFZ Mewah in December 2016. (Bursa) Apart from an announced share split and rights issue of warrants, HCK Capital Group is not aware of any rumours or reports that may have contributed to its unusual market activity. (Bursa) Heineken Malaysia Berhad announced a 3.7% YoY decline in its 1QFY17 profit to RM49.0mn. Revenue decreased 12.5% YoY due to the soft consumer sentiment and earlier sell in for the 2017 Chinese New Year. Increased cost efficiencies across the supply chain from global procurement and other cost saving initiatives helped offset the impact of the lower revenue. (Bursa) ZhuLian Corporation Berhad’s 1QFY17 net profit doubled from a year ago to RM14.6mn. Revenue stood flattish at RM48.4mn. A separation employment benefit expense of RM3.5mn was incurred in the previous year. The group looks forward to improving contribution from its MLM segments, especially from Thailand and Myanmar. (Bursa) Page 4 of 8
7. TA Securities 13-Apr-17 A Member of the TA Group News In Brief Economy Global Rising Protectionism Risks Undermining Trade Rebound , WTO Says Global trade could rebound this year -- if rising protectionism and tighter economic policy stay out of the way. Trade is likely to grow by 2.4% this year, according to the World Trade Organization, up from 1.3% in 2016. The revival is forecast to be driven by continuing economic expansion in many countries, though measures to curtail trade, higher interest rates and tighter fiscal policies could all undermine growth, the WTO said. While the global economic recovery is continuing, protectionist sentiment has been on the rise as many voters express anger over being left behind. President Donald Trump has pledged to renegotiate U.S. trade deals including the North American Free Trade Agreement and the U.K. are preparing to exit the European Union, the world’s biggest free-trading area. Central banks, meanwhile, are facing the dilemma of possibly needing to raise interest rates to address rising inflation while output remains lackluster. All this risks damping trade and the world economy by extension, according to the WTO. Governments should address economic issues at home by improving education, training and social programs to help the jobless compete for work, rather than reining in trade, it said. (Bloomberg) IMF Hails Global Momentum as It Warns Against Protectionism Global economic growth is accelerating, the head of the International Monetary Fund said Wednesday, but rising protectionism risks steering the global economy back onto rocky terrain. The warning from IMF Managing Director Christine Lagarde, a nod to the Trump administration’s threats to levy new tariffs against trade partners, comes against a backdrop of a strengthening U.S. economy and a rebound in emerging markets. “After six years of disappointing growth, the world economy is gaining momentum,” Ms. Lagarde said in a prepared speech at the Bruegel think tank in Brussels, previewing a meeting of world finance chiefs next week in Washington. “At the same time, there are clear downside risks: political uncertainty, including in Europe; the sword of protectionism hanging over global trade; and tighter global financial conditions that could trigger disruptive capital outflows from emerging and developing economies,” she said. (The Wall Street Journal) Asia Foreign Sell Down of Malaysian Bonds Fastest in March Foreign investors dumped a whopping RM26.2bn in Malaysian bonds in March 2017 — the biggest monthly sell-off since the data was collated by Bank Negara Malaysia (BNM) in 2011. The bulk of the bond sell-off were in Malaysia Government Securities (MGS), which amounted to RM23bn. Foreign investors’ holding of MGS fell to 38.5% in March from 44.7% in February. Other securities sold include RM600mn of Government Investment Issues, RM500mn of Treasury bills and RM3.4bn of BNM bills. There was net purchase of RM1.3bn of private debt securities. The latest sell-off brings total bonds sold by foreign investors to RM62.7bn since November last year. The data also shows foreign investors’ holdings of Malaysian bonds fell for a fifth straight month, outpacing the previous record slump of RM18.9bn in November last year following the election of Donald Trump as US president. The unexpected outcome triggered a bond sell-off in emerging economies on concerns about rollback of the US Federal Reserve’s bond-buying programme. An economist from a local research firm said the recent bond sell-off is raising concerns about Malaysia’s bond market at a time when the emerging-market bonds have attracted close to US$20bn (RM88.6bn) as of the first quarter of 2017 (1Q17). (The Edge Market) China Consumer Prices Driven Higher by Greater Education and Health Care Costs Prices in China inched up in March as higher education, transportation and health care costs offset less expensive food, though economists said industrial prices appear to be losing steam as growth momentum wavers. China’s consumer-price index increased 0.9% in March from a year earlier, compared with a 0.8% gain in February. The key inflation reading slightly undershot a 1.0% gain forecast by 13 economists polled by The Wall Street Journal and remained well below Beijing’s 2017 inflation ceiling of 3%. China’s producerprice index came in at 7.6% on a year-over-year basis in March, slightly faster than expected but down from 7.8% in February. Economists said still-rising factory prices were Page 5 of 8
8. TA Securities 13-Apr-17 A Member of the TA Group less a sign of strong growth than a restocking of inventory after years of deflation . Food prices, which make up about a third of the benchmark consumer-inflation index, fell 4.4% from a year earlier in March, roughly matching February’s decline, as warm weather boosted vegetable and pork supplies. Excluding volatile food prices, the core consumerprice index rose 2% in March from a year earlier, roughly matching the previous month. Health-care costs edged up in March after rising at a sharp pace in February as China’s population ages and requires more care. Between 2010 and 2015, the number of Chinese aged 65 and older rose 20% to 144 million. Price growth at the factory gate decelerated last month from their February multiyear peak of 7.8% with nonferrous and ferrous metals, chemical products, oil and gas and agricultural materials prices falling in recent weeks. March’s modest retreat in producer prices could signal that industrial prices have peaked, economists said. This follows a sharp acceleration in factory inflation over the past half year, fueled by higher prices for oil, iron ore, coal and other commodities supported by China’s rising property market. The reflationary pressure has driven up nominal growth and improved industrial profits. (The Wall Street Journal) China's Central Bank Quietly Increases its Power in Battle to Curb Risks China's central bank has been quietly boosting its policy independence and regulatory reach as it seeks to contain risks to the financial system, policy insiders said, to help ensure stability ahead of a five-yearly leadership team transition this year. By greater use of market mechanisms to adjust interest rates instead of changing the official benchmark rates, which need political approval, the People's Bank of China has assumed more targeted, timely and effective control of its principal policy objective - to calibrate the cost of capital in the economy. And by broadening the scope of the tools it uses to assess and limit the accumulation of risky assets in the banking system, it has expanded its oversight powers without getting embroiled in the kind of bureaucratic infighting that has beset plans to create a financial super-regulator. That has given the PBOC room to manoeuvre at a time when it needs to contain speculative bubbles and risky lending while avoiding abrupt tightening measures that could hurt the economy. (The Star) Singapore Retail Sales Fall 2.5% in February Singapore's retail sales in February reversed course after a modest rise the previous month as department stores, supermarkets as well as food and beverage outlets saw less business post-Chinese New Year. Total retail sales fell 2.5% from a year earlier, after increasing by a revised 2.3% in the previous month. Excluding motor vehicles sales which rose 9.4% year on year, takings at the till fell by a heftier 4.9%. Compared to the previous month and seasonally adjusted, retail sales rose 2.3% in February. Without auto sales, they edged up 0.4%. Food & beverage sales saw the biggest year on year fall in sales in February of 17.4%. Double-digit percentage declines in sales were seen by supermarkets (15.4%), department stores (15%) and clothes & shoe shops (12.5%). Retail sales of petrol service stations rose 14.6% in February - the only double-digit percentage increase. (The Straits Times) Japan March Core Machine Orders Climb 1.5% Core machine orders in Japan advanced a seasonally adjusted 1.5% on month in February, standing at 850.5 billion yen. That missed expectations for an increase of 3.6% following the 3.2% decline in January. On a yearly basis, core machine orders advanced 5.6%, topping forecasts for a gain of 2.5% following the 8.2% decline in the previous month. The total value of machine orders, which includes volatile ones for ships and electric power companies, fell 1.3% on month and 0.9% on year to 2,207.5 billion yen. Manufacturing orders gained 6.0% on month and 9.5% on year to 350.8 billion yen in February, while nonmanufacturing orders added 1.8% on month and 2.7% on year to 516.6 billion yen. Government orders tumbled 35.4% on month and 5.0% on year to 229.2 billion yen. Orders from overseas slipped 1.1% on month and spiked 11.3% on year to 870.9 billion yen. Orders from agencies jumped 18.9% on month and 8.3% on year to 128.4 billion yen. For the first quarter of 2017, core machine orders are forecast to have gained 1.5% on quarter and 1.7% on year. Page 6 of 8
9. TA Securities 13-Apr-17 A Member of the TA Group Other news in Japan : • Producer prices were up 0.2% on month in March - shy of expectations for a gain of 0.3%, which would have been unchanged from February following an upward revision from 0.2%. • U.S. Overall bank lending was up 3.0% on year in March, coming in at 513.060 trillion yen. That matched forecasts and was up from 2.8% in February. Trump Says Dollar ‘Getting Too Strong,’ Won’t Label China a Currency Manipulator President Donald Trump said Wednesday the U.S. dollar “is getting too strong” and he would prefer the Federal Reserve keep interest rates low. Mr. Trump, in an interview with The Wall Street Journal, also said his administration won’t label China a currency manipulator in a report due this week. He left open the possibility of renominating Federal Reserve Chairwoman Janet Yellen once her tenure is up next year, a shift from his position during the campaign that he would “most likely” not appoint her to another term. “I do like a low-interest rate policy, I must be honest with you,” Mr. Trump said at the White House, when asked about Ms. Yellen. “I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me. But that’s hurting—that will hurt ultimately,” he added. “Look, there’s some very good things about a strong dollar, but usually speaking the best thing about it is that it sounds good.” He continued, “It’s very, very hard to compete when you have a strong dollar and other countries are devaluing their currency.” (The Wall Street Journal) U.S. Budget Gap Reaches $176.2 Billion in March: Treasury The U.S. annual budget deficit remained near its highest level in three years during March amid flat government revenues and higher federal spending. Federal spending exceeded revenue by $176.2 billion last month, the Treasury Department said. The budget gap was about $68.2 billion higher than a year ago. Through the first six months of the fiscal year, the deficit was about 15% wider compared with the same period a year earlier. More broadly, declining government revenue and long-term costs associated with an aging population are expected to continue pushing up the deficit. Over the past 12 months, the deficit stood at $651.5 billion, compared with $460.6 billion a year ago. The Congressional Budget Office said in January it expects the deficit to decline in the current fiscal year, which ends Sept. 30, and to decline again next year before rising steadily over the next decade. (The Wall Street Journal) U.S. Import Prices Show Unexpected Drop in March Reflecting a steep drop in fuel prices, the Labor Department released a report showing an unexpected decline in U.S. import prices in the month of March. The Labor Department said import prices dipped by 0.2% in March after climbing by a revised 0.4% in February. The decrease came as a surprise to economists, who had expected import prices to inch up by 0.1% compared to the 0.2% increase originally reported for the previous month. Meanwhile, the report said export prices rose by 0.2% in March following a 0.3% increase in February. Export prices had been expected to tick up by 0.1%. (RTT News) U.K. Carney Says Crisis Lessons are Why BOE Keeps Up With Fintech Bank of England Governor Mark Carney said the crisis shows why regulators and the banking industry must stay on top of the rapid developments in financial technology so that the system is solid enough to withstand shocks. In a speech at a fintech conference hosted by the U.K. government, Carney said the “hard and soft infrastructure of the financial system failed to keep pace” with innovation in the buildup to the 2008 crash. Carney, also the chair of the G-20’s Financial Stability Board, argued that regulation must not sacrifice the potential benefits to households and the financial system. The governor highlighted the U.K.’s regulatory sandboxes for new products and efforts by the BOE to allow non-bank payment service providers access to central bank money as ways to allow financial technology to flourish. New fintech companies have generally avoided undertaking traditional banking activities so far, so unless there is a change in business models or scale Page 7 of 8
10. TA Securities 13-Apr-17 A Member of the TA Group of activities , authorities are unlikely to want to bring these firms inside the regulatory perimeter, Carney said. (Bloomberg) U.K. Households Feel the Pinch as Real Earnings Almost Stagnate U.K. living standards are under more pressure than at any time in 2 1/2 years and the squeeze is getting tighter. Adjusted for inflation, regular pay rose just 0.1% in the three months through February, the weakest since the third quarter of 2014. That figure could turn negative in the coming months if forecasts for a further pickup in price growth -- to 3% or even higher -- come to pass. In February alone, real earnings fell 0.4%, the first singlemonth decline since August 2014. Three-month nominal incomes rose an annual 2.2%, the weakest since July. Earnings are slowing despite unemployment -- at 4.7% -- being close to historic lows. In the latest three months, the number of people in work rose by 39,000 to a near-record 31.8 million. Vacancies in the first quarter rose to the highest ever. The BOE says the jobless rate can fall as low as 4.5% without fueling inflation, though that may not be tested anytime soon. Economists see unemployment edging up to 5.1 percent by early next year as Brexit negotiations take their toll on demand and investment. The slowdown may already be happening, with the increase in employment in the latest period falling well short of forecasts. (Bloomberg) Europe Germany Wholesale Price Inflation Eases in March Germany's wholesale price inflation eased for the first time in five months in March, data from Destatis showed. Wholesale prices rose 4.7% year-over-year in March, slower than the 5.0% climb in February, which was the highest rate of increase since August 2011. The measure has been rising since October 2016. The annual increase in March was mainly driven by a 16.9% surge in prices of solid fuels and mineral oil products. On a monthly basis, wholesale prices showed no variations in March, after a 0.5% gain in the preceding month. Separately, German local courts reported 1,664 business insolvencies in January, which represented a fall of 1.6% from the corresponding month last year. In relation to the business insolvency requests, the prospective debts owed to creditors amounted to approximately EUR 1.8 billion in January. A year ago, they came around EUR 1.1 billion. (RTT News) Share Buy-Back: 12 April 2017 Company FITTERS UNIMECH Bought Back Price (RM) Hi/Lo (RM) 4,700 20,000 0.41 1.08/1.07 0.41/0.405 1.08/1.07 Total Treasury Shares 17,171,600 6,184,610 Source: Bursa Malaysia Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 8 of 8 We accept no
11. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company AUTOMOBILE BAUTO MBMR UMW Share Price (RM) 12-Apr-17 2.10 2.52 6.04 Target Price BETA (RM) EPS (sen) PER (X) FY17 FY18 FY17 FY18 Div Yield (%) 52weeks 52weeks FY17 FY18 High Price % Chg Low Price % Chg % Chg YTD 2.36 2.04 5.12 0.98 0.55 1.21 10.8 22.7 17.7 15.8 23.8 27.6 19.5 11.1 34.2 13.3 10.6 21.9 5.7 3.6 1.8 7.5 3.6 3.0 2.44 2.70 7.00 -13.9 -6.7 -13.7 1.95 1.95 4.43 7.7 29.2 36.3 -1.4 17.8 32.2 4.10 3.40 5.40 6.10 15.80 9.20 22.10 4.70 8.50 1.26 0.93 1.27 1.32 0.66 0.93 0.80 1.27 0.70 35.8 29.4 46.4 50.6 101.3 73.7 136.6 49.0 36.4 37.7 33.1 50.6 55.6 109.8 82.8 140.4 51.7 38.2 11.2 9.7 10.5 10.8 13.5 12.2 14.6 10.5 26.4 10.6 8.6 9.7 9.8 12.5 10.8 14.2 9.9 25.1 3.7 2.8 3.3 3.7 3.0 5.6 2.8 2.3 3.5 3.7 2.8 3.7 4.1 3.0 5.6 2.9 2.3 3.5 4.37 2.92 5.03 5.83 14.00 9.20 20.28 5.39 10.00 -8.2 -2.4 -2.8 -6.2 -2.1 -2.4 -1.6 -4.6 -4.0 3.60 2.08 3.90 4.11 12.70 7.50 18.52 4.43 8.20 11.4 37.0 25.4 33.0 7.9 19.7 7.8 16.0 17.1 7.8 19.2 13.5 21.3 1.5 9.5 1.2 9.1 8.5 0.46 1.30 5.12 3.45 0.75 1.85 2.00 6.00 0.49 1.45 5.49 3.27 0.58 1.90 1.50 5.58 0.81 0.70 1.04 1.09 1.15 na 1.02 0.13 5.9 12.8 31.6 16.8 9.6 12.6 12.8 44.3 5.9 13.1 36.4 20.9 9.9 12.5 12.7 45.8 7.8 10.1 16.2 20.5 7.8 14.6 15.6 13.5 7.8 9.9 14.1 16.5 7.6 14.7 15.7 13.1 0.0 2.2 2.3 2.8 1.3 3.0 1.5 4.2 2.2 2.2 2.3 2.8 1.3 3.0 1.5 4.2 0.51 1.35 5.33 3.61 0.75 1.87 2.14 6.13 -9.8 -3.8 -3.9 -4.4 0.0 -1.1 -6.5 -2.1 0.36 0.78 4.59 3.07 0.41 1.42 1.41 5.02 27.8 66.7 11.5 12.4 85.2 30.3 41.8 19.5 5.7 23.8 7.1 7.8 30.4 8.8 15.6 2.0 1.98 2.00 0.47 15.4 15.6 12.8 12.7 5.1 5.1 2.40 -17.5 1.93 2.6 -1.5 15.04 18.38 15.41 21.08 0.57 0.58 69.6 93.1 77.5 21.6 101.9 19.7 19.4 18.0 4.6 4.6 5.1 5.0 15.20 18.74 -1.1 -1.9 12.38 13.94 21.5 31.9 8.0 12.2 2.40 7.54 23.98 81.98 3.02 1.81 4.72 0.98 2.23 9.59 26.14 83.60 3.76 2.74 4.17 1.10 0.46 0.33 0.34 0.38 0.47 0.69 0.46 0.56 6.5 35.9 102.6 288.8 22.3 25.1 12.7 9.3 7.5 40.5 124.5 313.3 24.7 25.3 15.8 12.8 36.9 21.0 23.4 28.4 13.5 7.2 37.2 10.5 31.8 18.6 19.3 26.2 12.2 7.1 29.9 7.6 0.8 4.0 2.6 3.5 5.0 4.4 1.0 5.1 0.9 5.0 3.1 3.7 5.6 4.4 1.1 5.1 3.00 9.53 27.00 81.98 3.08 2.04 4.72 1.07 -20.0 -20.9 -11.2 0.0 -1.9 -11.3 0.0 -8.7 2.11 7.30 20.10 74.12 1.92 1.43 4.14 0.78 13.7 3.3 19.3 10.6 57.5 26.6 13.9 25.0 -6.6 2.9 2.1 4.8 18.4 4.6 9.0 22.6 46.90 54.22 1.02 271.1 271.8 17.3 17.3 5.6 5.6 55.64 -15.7 40.31 16.4 6.2 9.51 5.55 10.34 6.10 1.34 1.26 45.0 25.7 50.9 27.9 21.2 21.6 18.7 19.9 0.5 1.4 0.6 1.6 9.90 5.81 -3.9 -4.5 7.50 4.17 26.8 33.0 19.7 22.8 2.85 0.12 3.81 0.10 0.72 1.27 22.1 0.2 24.6 0.3 12.9 53.3 11.6 39.7 5.6 0.0 6.7 0.0 3.42 0.13 -16.7 -7.7 2.84 0.05 0.4 140.0 -3.7 140.0 6.04 4.05 6.40 4.61 0.78 0.50 13.9 13.3 17.9 16.5 43.5 30.4 33.7 24.6 0.7 1.5 0.7 1.9 6.79 4.37 -11.0 -7.3 5.78 3.85 4.5 5.2 -4.9 -3.1 4.94 6.19 1.98 4.90 2.11 4.50 6.80 1.90 5.05 2.55 0.55 0.11 0.36 -0.21 0.29 18.2 35.8 16.2 26.6 4.3 21.2 40.5 18.2 30.2 7.1 27.2 17.3 12.3 18.4 49.2 23.2 15.3 10.9 16.2 29.9 1.7 2.9 2.4 2.7 0.5 1.9 3.3 2.8 3.1 0.8 5.03 7.07 2.88 5.45 2.68 -1.8 -12.4 -31.3 -10.1 -21.3 3.81 5.90 1.94 4.20 1.96 29.7 4.9 2.1 16.7 7.7 2.3 -6.1 -6.2 -8.4 -10.6 INDUSTRIAL SCIENTX SKPRES 7.94 1.27 8.50 1.75 0.54 0.50 75.3 8.8 83.0 13.7 10.5 14.4 9.6 9.3 2.6 3.5 3.0 5.4 7.96 1.44 -0.3 -11.8 5.75 1.12 38.1 13.4 18.5 -1.6 MEDIA ASTRO MEDIA PRIMA STAR 2.71 1.22 2.38 3.20 0.85 1.95 1.03 0.68 0.59 13.3 7.7 15.0 14.5 8.0 15.8 20.4 15.8 15.9 18.7 15.3 15.0 4.6 5.1 7.6 4.8 5.2 7.6 3.01 1.52 2.70 -10.0 -19.7 -11.9 2.56 1.00 2.20 5.9 22.0 8.2 4.2 6.1 6.3 OIL & GAS EATECH MHB MISC PANTECH PCHEM SENERGY UMWOG UZMA 0.66 1.01 7.43 0.62 7.80 2.07 0.66 1.95 0.45 0.96 8.16 0.52 7.91 2.02 0.54 1.40 0.90 1.78 0.85 1.25 1.13 2.43 1.95 1.38 11.5 -0.4 50.6 3.7 34.7 5.2 -14.7 11.3 11.9 1.1 57.1 4.3 39.3 7.8 -12.4 12.2 5.7 na 14.7 16.5 22.5 39.5 na 17.3 5.5 90.5 13.0 14.3 19.8 26.5 na 16.0 0.0 0.0 4.0 2.4 2.4 0.5 0.0 0.0 0.0 0.0 4.0 2.8 2.4 0.5 0.0 0.0 1.22 1.34 9.00 0.64 7.80 2.10 1.04 2.04 -46.3 -24.6 -17.4 -3.1 0.0 -1.4 -36.5 -4.4 0.45 0.84 6.88 0.44 5.95 1.29 0.61 1.30 47.2 20.2 8.0 41.4 31.1 60.5 9.1 50.0 5.6 10.4 1.1 38.2 11.7 27.8 -24.6 14.7 BANKS & FINANCIAL SERVICES AFG 4.01 AFFIN 2.85 AMBANK 4.89 CIMB 5.47 HLBANK 13.70 MAYBANK 8.98 PBBANK 19.96 5.14 RHBBANK BURSA 9.60 CONSTRUCTION BPURI GADANG GAMUDA IJM SENDAI SUNCON WCT LITRAK Building Materials WTHORSE CONSUMER Brewery CARLSBG HEIM Retail AEON AMWAY F&N NESTLE PADINI POHUAT QL SIGN Tobacco BAT GAMING Casino GENTING GENM NFO BJTOTO LUSTER HEALTHCARE Hospitals IHH KPJ Rubber Gloves HARTA KOSSAN SUPERMX TOPGLOV KAREX
12. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company Share Price (RM) PLANTATIONS FGV IJMPLNT IOICORP KLK SIME UMCCA Target Price BETA (RM) EPS (sen) PER (X) FY17 FY18 FY17 FY18 Div Yield (%) 52weeks 52weeks FY17 FY18 High Price % Chg Low Price % Chg % Chg YTD 2.04 3.20 4.50 24.48 9.30 6.36 1.53 3.88 3.93 22.75 8.24 7.52 1.75 0.44 1.06 0.94 1.26 0.50 6.3 13.7 18.7 111.8 30.8 32.7 11.1 15.7 21.1 119.1 35.3 34.5 32.2 23.4 24.0 21.9 30.2 19.4 18.4 20.3 21.4 20.6 26.3 18.4 2.5 2.2 2.2 2.2 2.4 2.5 2.5 2.5 2.7 2.4 3.0 2.7 2.52 3.70 4.81 25.50 9.55 6.51 -19.0 -13.5 -6.4 -4.0 -2.6 -2.3 1.31 3.14 4.07 22.62 7.10 5.53 55.7 1.9 10.6 8.2 31.0 15.0 31.6 -5.9 2.3 2.0 14.8 6.0 0.71 1.08 0.98 2.05 1.49 0.83 3.50 3.29 0.69 1.09 1.00 2.10 1.60 0.80 3.82 3.40 0.65 0.63 0.34 0.91 0.69 0.30 0.67 0.49 3.4 20.0 7.3 14.7 14.5 6.4 27.7 31.2 7.0 17.4 11.2 15.3 12.5 9.7 24.5 33.3 20.6 5.4 13.4 13.9 10.3 13.0 12.7 10.5 10.1 6.2 8.7 13.4 11.9 8.5 14.3 9.9 5.6 3.7 3.6 3.4 4.0 1.2 4.0 3.6 5.6 3.2 4.1 3.7 3.7 1.2 4.0 3.6 0.83 1.43 1.09 2.46 1.70 1.00 3.61 3.32 -14.5 -24.6 -10.6 -16.7 -12.4 -17.5 -3.0 -0.9 0.68 1.05 0.91 1.85 1.34 0.69 2.80 2.84 4.4 2.9 7.1 11.0 11.2 19.6 25.0 15.8 2.2 -4.4 -2.5 5.2 4.2 3.1 11.8 9.7 1.70 1.60 1.79 1.78 0.53 0.61 8.9 8.1 10.1 8.5 19.2 19.8 16.8 18.8 5.2 5.6 5.9 5.9 1.84 1.72 -7.6 -7.0 1.57 1.43 8.3 11.9 -1.2 4.6 POWER & UTILITIES MALAKOF PETDAG PETGAS TENAGA YTLPOWR 1.26 24.08 19.68 13.72 1.52 1.45 20.19 19.64 17.19 1.81 0.71 0.77 0.78 1.02 0.59 6.9 98.4 89.4 133.8 8.8 8.3 102.3 91.6 132.7 10.6 18.2 24.5 22.0 10.3 17.4 15.2 23.5 21.5 10.3 14.4 5.6 3.0 3.2 4.2 6.6 4.6 3.2 3.3 2.9 6.6 1.80 25.70 22.66 14.90 1.64 -30.0 -6.3 -13.2 -7.9 -7.3 1.14 22.16 19.56 13.00 1.38 10.5 8.7 0.6 5.5 10.1 -8.0 1.2 -7.6 -1.3 2.0 TELECOMMUNICATIONS AXIATA DIGI MAXIS TM 5.19 5.10 6.41 6.39 5.25 4.90 5.95 6.95 1.27 0.97 0.72 0.68 17.0 20.8 25.1 21.4 17.9 21.1 25.4 22.3 30.5 24.5 25.5 29.8 28.9 24.2 25.2 28.7 1.6 4.1 3.1 3.0 1.7 4.1 3.1 3.1 5.99 5.19 6.49 6.90 -13.4 -1.7 -1.2 -7.4 4.11 4.31 5.36 5.81 26.3 18.3 19.6 10.0 10.0 5.6 7.2 7.4 TECHNOLOGY Semiconductor & Electronics IRIS 0.18 INARI 2.05 MPI 11.80 UNISEM 3.12 0.14 2.35 12.00 3.55 1.32 0.75 0.46 0.78 -1.1 10.4 84.3 26.9 0.8 12.4 96.6 29.1 na 19.8 14.0 11.6 21.8 16.6 12.2 10.7 0.0 2.0 1.9 3.8 0.0 2.4 1.9 3.8 0.24 2.13 12.22 3.30 -25.0 -3.8 -3.4 -5.5 0.10 1.28 6.86 2.12 80.0 59.9 72.0 47.2 63.6 23.5 59.2 32.2 3.05 7.29 3.02 7.68 1.17 1.45 40.3 9.8 41.9 10.2 7.6 74.1 7.3 71.7 1.3 1.4 1.6 1.4 3.30 7.31 -7.6 -0.3 1.88 5.76 62.2 26.6 33.2 20.3 1.83 4.06 1.88 4.51 0.84 0.68 15.4 19.3 21.5 17.4 11.9 21.0 8.5 23.3 3.0 3.6 3.8 3.2 1.87 4.59 -2.1 -11.5 1.23 3.74 48.8 8.6 15.1 -5.6 PROPERTY GLOMAC HUAYANG IBRACO IOIPG MAHSING SNTORIA SPSETIA SUNWAY REIT SUNREIT CMMT TRANSPORTATION Airlines AIRASIA AIRPORT Freight & Tankers TNLOGIS WPRTS SNAPSHOT OF FOREIGN STOCKS UNDER COVERAGE Company Share Price (S$) BANKS & FINANCIAL SERVICES DBS 19.25 OCBC 9.70 UOB 22.04 PLANTATIONS WILMAR IFAR 3.52 0.50 Target Price Beta (S$) EPS (cent) PER (X) FY17 FY18 FY17 FY18 Div Yield (%) 52week 52week FY17 FY18 High Price % Chg Low Price % Chg % Chg YTD 16.70 8.50 19.40 1.21 1.12 1.08 173.8 87.8 195.7 190.2 11.1 92.5 11.0 209.4 11.3 10.1 10.5 10.5 3.1 5.7 3.2 3.1 6.7 3.2 19.4 9.8 22.2 -0.9 -0.8 -0.5 14.63 8.84 17.41 31.6 18.1 26.6 11.0 8.7 8.0 3.45 0.51 0.91 1.10 28.9 3.9 31.1 4.3 11.3 11.7 2.3 1.9 2.6 2.1 4.0 0.6 -12.0 -16.0 2.96 0.44 18.9 13.6 -1.9 -4.8 12.2 12.8 BUY : Total return within the next 12 months exceeds required rate of return by 5%-point. HOLD : Total return within the next 12 months exceeds required rate of return by between 0-5%-point. SELL : Total return is lower than the required rate of return. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.
13. TA Securities RESULTS UPDATE Thursday , April 13, 2017 A Member of the TA Group FBMKLCI: 1,744.08 Sector: Consumer MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Heineken (M) Berhad TP: RM21.08 (+14.7%) Last Traded: RM18.38 Lower Earnings Due to Early Chinese New Year BUY THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* TA Research Team Coverage Tel: +603-2072 1277 ext. 1324 kjtan@ta.com.my Review Heineken (M) Berhad (Heineken) reported 1QFY17 net profit of RM48.9mn (-3.7% YoY), accounting for 17.4% of our full-year forecast and 17.0% of consensus estimates. We consider this within expectations as FY17 earnings are expected to be back-end loaded. No dividend was declared for the quarter under review. www.taonline.com.my Share Information Bloomberg Code HEIM MK Stock Code 3255 Listing Mai n Market Share Cap (mn) 302.1 Market Cap (RMmn) 5,552.6 Par Val ue (RM) 0.50 52-wk Hi /Lo (RM) YoY, revenue declined by 12.6% to RM401.1mn due to 1) early Chinese New Year in 2017 as consumers had stocked up beers in the previous quarter, 2) soft consumer sentiment. The Consumer Sentiments Index fell to 69.8 from 78.5 in second quarter 2016, and 3) contraband beers continued to rise as it is a cheaper alternative. The drop in revenue has filtered down to the bottomline, where earnings declined by 3.7% QoQ, PBT contracted by 47.3% to RM57.9mn owning to the cyclical demand for Chinese New Year sell-in. Impact We leave our earnings forecast unchanged at this juncture. 18.74 / 13.8 12-mth Avg Dai ly Vol ('000 shrs) 86.3 Esti mated Free Float (%) 44.6 Beta 0.6 Major Shareholders (%) GAPL Pte Ltd - 51.0% Aberdeen Asset - 4.43% Forecast Revision FY17 FY18 0.0 0.0 Net profi t (RMm) 281.2 307.7 Consensus Forecast Revisi on (%) 287.3 303.7 TA's / Cons ensus (%) 97.9 101.3 Previ ous Rating Buy (Maintained) Financial Indicators Outlook We think that the next 2 quarters will continue to be slow due to lack of major sports events. Nonetheless, we think that the final quarter results will be strong due to year-end festivities. With regards to the Bills of Demands amounting to RM56.3mn (20% of FY17 net profit) handed by Royal Malaysia Custom to the group on 28 August 2015, the group remains firm on its stance that a retrospective application of the new excise duty valuation method implemented on 1 November 2013 is unjustifiable. Valuation We reiterate our Buy call recommendation and maintain our target price of RM21.08 per share based on DCF valuation (COE: 7.2%, g: 2.5%). At current price levels, the stock offers decent dividend yield of 4.6% and 5.0% in FY17 and FY18 respectively. We like Heineken for its market leading position and diversified product portfolio. Downside risks to our call are 1) increase in excise duty, and 2) increase in contrabands 3) unfavourable outcome from the unresolved bills of demands. FY17 FY18 0.0 Net cash CFPS (sen) 102.3 111.4 P/CFPS (x) 15.6 14.3 ROAA (%) ROAE (%) 37.6 39.3 63.6 65.2 NTA/Share (RM) Price/ NTA (x) 1.4 1.5 11.6 10.8 Net geari ng (x) Scorecard % FY17 vs TA 17.4 VS Consensus 17.0 Share Performance (%) Price Change 1 mth HEIM 3 mth 12.1 9.9 6 mth 4.6 10.6 12 mth 33.0 7.5 FBM KLCI 7.4 (12-Mth) Share Price relative to the FBM KLCI Source: Bloomberg Page 1 of 2 4.7
14. TA Securities 13-Apr-17 A Member of the TA Group 1QFY17 Results Analysis (RMmn) FYE December 3QFY16 Revenue 458.9 EBITDA 82.7 Depreciation & Amortisation 11.7 EBIT 71.1 Net Finance Cost (0.9) EI 0.0 PBT 70.2 Adj PBT 70.2 Tax (19.4) MI 0.0 Net Profit 50.8 Core Net Profit 50.8 Margins EBITDA Margin (%) EBIT Margin (%) PBT Margin (%) Tax Rate (%) Earnings Summary (RMmn) FYE December Revenue EBITDA Depreciation & Amortisation EBIT Net Finance Cost PBT Taxation Net Profit Adj Net Profit 18.0 15.5 15.3 27.6 FY15 1,748.9 383.6 (88.2) 295.4 (3.0) 292.4 (78.2) 214.2 214.2 6QFY16 577.5 134.6 11.5 123.1 0.5 0.0 122.4 122.4 (17.7) 0.0 104.7 104.7 1QFY17 401.1 78.1 12.9 65.2 0.3 0.0 64.5 64.5 (15.5) 0.0 49.0 49.0 23.3 21.3 21.2 14.5 19.5 16.3 16.1 24.1 FY16* 2,810.3 620.4 (161.5) 551.1 (1.8) 549.3 (122.0) 427.3 284.8 FY17F 1,761.3 410.7 (42.1) 368.6 1.4 370.0 (88.8) 281.2 281.2 QoQ (%) (30.5) (42.0) 12.7 (47.0) (43.5) NA (47.3) (47.3) (12.4) NA (53.2) (53.2) YoY (%) (12.6) (5.6) 10.9 (8.3) (129.2) NA (8.1) (8.1) (19.9) NA (3.7) (3.7) %-points (3.8) (5.1) (5.1) 9.6 %-points 1.4 0.8 0.8 (3.5) FY18F 1,859.4 444.2 (42.0) 402.3 2.7 404.9 (97.2) 307.7 307.7 FY19F 1,946.1 463.8 (41.8) 421.9 3.7 425.6 (102.1) 323.4 323.4 Revenue Growth (%) 8.6 60.7 3.3 5.6 4.7 EPS (sen) 70.9 141.4 93.1 101.9 107.1 Adj Eps (sen) 70.9 94.3 93.1 101.9 107.1 EPS Growth (%) 8.1 99.4 8.5 9.4 5.1 PER (x) 25.9 13.0 19.7 18.0 17.2 DPS (sen) 71.0 145.0 83.8 91.7 96.4 Dividend Yield (%) 3.9 7.9 4.6 5.0 5.2 *Change in Financial Year End from June to December – FY16 consists of 18 months’ performance. Stock Recommendation Guideline BUY : HOLD : SELL : Not Rated: Total return within the next 12 months exceeds required rate of return by 5%-point. Total return within the next 12 months exceeds required rate of return by between 0-5%-point. Total return is lower than the required rate of return. The company is not under coverage. The report is for information only. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD(14948-M) (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 2 of 2
15. COMPANY UPDATE TA Securities Thursday , 13 April 2017 FBM KLCI: 1,744.08 Sector: Gaming A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Luster Industries Berhad TP: RM0.10 (-16.7%) Last traded: RM0.12 What’s Cooking in Luster UNDER REVIEW THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY Tan Kam Meng, CFA Tel: +603-2167 9605 kmtan@ta.com.my Points to Ponder Appointment and resignation of managing director. The recent share price rally after series of corporate events and exercises since June-16 left us ponder what’s cooking in the company. First, the appointment of Mr. How and two other related parties as board of directors and the subsequent MoU with Citi-Champ (owned by Mr. How) to explore car hauling business in Hong Kong, led us to believe that the company is exploring other business opportunities to diversify earnings risk. However, the MoU was terminated in Dec-16 and Mr. How and related parties resigned from the Board 7 months after the appointments. Founder disposed shares and proposed 10% share placement. Then, we observed the founder, Mr. Lim See Chea, has disposed his stake in Luster from Oct-16 to Jan-17. The management expressed that is nothing peculiar as the disposals were parts of Mr. Lim’s financial planning. However, we are puzzled later by the proposed 10% private placement by the board of directors (which Mr. Lim is the executive director) of Luster, which will further dilute Mr. Lim’s stake and control over Luster. Note that Mr. Lim has disposed of 4.4% stake in Luster at prices ranging from RM0.06-0.085/share and Luster has recently fixed the price of placement share (first tranche) at RM0.105/share. Share price rallied while the founder disposed shares. Another anomaly is the rally in share price despite Mr. Lim disposed his stake in the company. The share price has doubled from 0.06sen/share in Oct-16 (when Mr. Lim sold 10mn shares) to 12sen/share yesterday. Although this can be partially attributed to the recent contract win (see report dated 13 March 2017), we doubt that the project alone could lead to the rally in share price. Why raise additional funds when the company is in net cash? To clear the air, we study the utilization of fund from private placement where the bulk of the proceeds (RM26.9mn or 99% of total placement shares) will be allocated for property development expenditure and working capital. For the property development, the proceeds (RM15mn on maximum scenario) will be equally distributed between 2 projects; i.e.: TT1M (see report dated 10 March 2016) and Alwaqf projects. However, we wonder about the need to raise fund when the company is having sufficient net cash. Note that Luster’s net cash stood at RM16mn as at Dec-16. R M 1 . 5 m n Share Information Bloomberg Code LSTI MK Stock Code LUSTER (5068) Listing Main Market Share Cap (mn) 1,739.0 Market Cap (RMmn) 156.5 Par Value 0.10 52-wk Hi/Lo (RM) 0.05/0.013 12-mth Avg Daily Vol ('000 shrs) 7,325 Estimated Free Float (%) 79.0 Beta 1.27 Major Shareholders (%) Genting Bhd Wee Song He (8.2%) Suncity Entertainment (7.7%) Lim See Chea (5.1%) Forecast Revision Forecast Revision (%) Net profit (RMmn) Consensus TA's / Consensus (%) Previous Rating Net Gearing (%) FCF/share (sen) P/CFPS (x) ROE (%) NTA/Share (sen) Price/NTA (x) Share Performance Price Change (%) 1 mth 3 mth 6 mth 12 mth FY18 0.0 5.2 Hold FY17 Net cash 0.5 22.4 3.0 6.9 1.7 FY18 Net cash 0.9 13.4 4.0 7.2 1.7 LUSTER 26.3 50.0 100.0 84.6 FBM KLCI 1.3 4.3 4.7 1.2 (12-Mth) Share Price relative to the FBM KLCI Source: Bloomberg Page 1 of 3 FY17 0.0 3.9 - Financial Indicators Mosaic theory. Our mosaic theories of the above anomalies are that: 1) Luster could be exploring a new business opportunity (after car hauling business failed to materialize) and could be very close to signing a deal/s where the capex would be funded by the placement proceeds; 2) Mr. Lim could be slowly letting go of his responsibility and control over Luster (following the disposal of shares) and there may be changes in board of directors of the company (placement of share to new shareholders). Land purchase or casino project? As far as the deal is concerned, the deal could be related to any land purchases in Malaysia or a casino project in www.taonline.com.my
16. TA Securities 13-Apr-17 A Member of the TA Group Cambodia . Our basis is that Luster has recently secured two property development projects and the company may further expand this division to diversify the group’s earnings. Also, Luster possesses a casino licence in Cambodia and it may kick-start its casino development plan soon. Financial impact No change to our FY17-19 earnings projections. Recommendation We maintain Luster’s DCF valuation at 10sen/share, based on unchanged discount rate of 14%. However, premised on our mosaic theories above, we put our call under review until further corporate actions (if any) on business diversification, change in shareholders and directors and the conclusion of the placement of shares. Earnings Summary (RM’mn) Profit and Loss (RM'mn) FYE Dec Revenue COGS Gross profit 2015 119.0 (104.9) 9.2 2016 113.9 (101.0) 9.9 2017F 182.2 (117.7) 21.7 2018F 143.7 (121.3) 22.4 2019F 150.9 (125.8) 25.1 EBITDA Depr. & Amor. Operating expenses EI PBT Adj PBT Tax MI Net profit Core profit EPS (sen) DPS (sen) (1.5) 0.0 (28.5) (12.7) (14.5) (1.8) (2.7) (0.7) (17.9) (5.2) (0.3) 0.0 (0.6) (5.0) (37.2) (18.4) (24.3) (5.9) (1.0) 0.8 (24.5) (6.1) (0.4) 0.0 12.6 (5.5) (14.0) 0.0 6.0 6.0 (0.2) (2.0) 3.9 3.9 0.2 0.0 14.2 (5.6) (14.0) 0.0 8.4 8.4 (0.3) (2.9) 5.2 5.2 0.3 0.0 16.7 (5.6) (14.2) 0.0 10.8 10.8 (0.4) (3.7) 6.8 6.8 0.4 0.0 Cash Flow (RM'mn) FYE Dec PBT Non- cash item Chg in working capital Tax Others CFO 2015 (14.5) 0.0 (0.4) (2.7) 0.0 (17.5) 2016 (24.3) 5.0 5.3 (2.2) 8.1 (8.1) 2017F 6.0 5.5 0.9 (0.2) (0.0) 12.3 2018F 8.4 5.6 4.9 (0.3) (0.0) 18.5 2019F 10.8 5.6 (0.5) (0.4) 0.0 15.6 Capex Others CFI (1.7) (4.5) (6.2) (2.0) 6.7 4.7 (3.0) 0.0 (3.0) (3.0) 0.0 (3.0) (3.0) 0.0 (3.0) Net Borrowing/Rpmt Issue of share Others CFF (0.1) 16.8 0.0 16.7 (1.4) 0.0 0.0 (1.4) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Key Assumptions no. of draw no. of agent Sales per agent per draw (US$) 2015 169.0 400.0 50 2016 156 530 70 2017F 156 663 95 2018F 156 795 113 2019F 156 850 136 Page 2 of 3 Balance Sheet (RM'mn) FYE Dec PPE Goodwill LT Assets 2014 75.0 20.7 95.7 2015 69.2 25.3 96.6 2016 60.6 8.6 69.2 2017F 58.1 8.6 66.7 2018F 55.5 8.6 64.1 Inventories Trade & other receivables Cash & Cash equivalent Others ST Assets 13.2 30.1 29.1 0.8 73.2 13.7 36.5 25.9 1.0 79.0 12.6 36.6 21.1 1.3 84.3 27.5 22.0 30.3 1.3 93.9 21.7 19.8 45.9 1.3 101.4 Total Assets 168.9 175.6 153.5 160.6 165.6 Trade and other payables ST Borrowings Others ST Liabilities 12.1 2.8 0.3 15.2 17.7 3.2 0.4 21.2 21.5 2.9 0.3 24.8 22.8 2.9 0.3 26.1 19.6 2.9 0.3 22.9 LT Borrowings Others LT Liabilities 1.5 1.5 3.0 1.1 1.9 3.0 1.7 1.2 2.8 1.7 1.2 2.8 1.7 1.2 2.8 Share Cap Reserves Shareholder's Funds MI 157.4 (6.7) 150.8 0.0 173.2 (23.5) 149.7 1.6 173.2 (48.2) 125.0 0.9 173.2 (44.3) 128.9 2.8 173.2 (39.1) 134.1 5.7 Liabilities + Equities 168.9 175.6 153.5 160.6 165.6 Ratios EPS Growth (%) PER (x) Div Yield (%) Net cash (RMm) Net gearing (x) ROE (%) ROA (%) NA per share (RM) NTA/share (RM) P/NTA (x) EV/EBITDA (x) 2014 2015 2016 2017F 2018F >-100 >100 >100 (163.4) 35.2 nm nm (34.1) 53.7 39.7 0.0 0.0 0.0 0.0 0.0 24.7 21.6 16.4 25.7 41.3 Net cash Net cash Net cash Net cash Net cash (2.4) (3.4) (4.4) 3.0 4.0 (2.0) (3.0) (3.7) 2.5 3.2 9.6 8.6 7.2 7.4 7.7 0.08 0.07 0.07 0.07 0.07 1.5 1.7 1.8 1.7 1.7 44.7 (121.9) (300.9) 14.4 11.7
17. TA Securities 13-Apr-17 A Member of the TA Group ( T HI S P AGE I S I NT E N T I ON AL L Y L E FT B L ANK) Stock Recommendation Guideline BUY : HOLD : SELL : Not Rated: Total return within the next 12 months exceeds required rate of return by 5%-point. Total return within the next 12 months exceeds required rate of return by between 0-5%-point. Total return is lower than the required rate of return. The company is not under coverage. The report is for information only. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. This report has been prepared by TA SECURITIES HOLDINGS BERHAD for purposes of CMDF-Bursa Research Scheme ("CBRS") administered by Bursa Malaysia Berhad and will be compensated to undertake the scheme. TA SECURITIES HOLDINGS BERHAD has produced this report independent of any influence from the CBRS or the subject company. For more information about CBRS and other research reports, please visit Bursa Malaysia’s website at: http://www.bursamalaysia.com/market/listed-companies/research-repository/research-reports for TA SECURITIES HOLDINGS BERHAD(14948-M) (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 3 of 3
18. Thursday , 13 April, 2017 For Internal Circulation Only TA RESEARCH’S ‘DAILY COMPILED LOCAL TECHNICAL REPORTS’ Local Technical Reports 1. Daily Technical Stock Picks 2. Daily Stock Screen Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research
19. T e c h n i c a l TA Securities V i e w Thursday , April 13, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Daily Technical Stock Picks Malaysia FBM KLCI: 1,744.08 (+8.24, +0.47%) THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Name FBMKLCI AFFIN AFG AMBANK AXIATA CIMB DIGI GAMUDA GENTING GENM IHH IOICORP MALAKOFF MAXIS MAYBANK MBSB RHBBANK SIME TENAGA TM WPRTS AIRASIA AIRASIA X ARMADA BINAPURI CMSB DIALOG ECO WORLD GADANG HSL ISKANDAR KIMLUN KKBE MUDAJAYA MRCB NAIM SAPURA ENERGY SUNCON UEMS WASEONG WCT Close 12-Apr 1744.08 2.85 4.01 4.89 5.19 5.47 5.10 5.12 9.51 5.55 6.04 4.50 1.26 6.41 8.98 1.22 5.14 9.30 13.72 6.39 4.06 3.05 0.40 0.80 0.46 4.32 1.85 1.50 1.30 1.68 3.03 2.24 1.36 1.10 1.70 1.61 2.07 1.85 1.25 0.91 2.00 Change 8.24 -0.02 0.00 0.04 0.11 0.01 0.01 -0.03 0.19 0.06 0.02 0.00 0.00 0.04 0.00 -0.01 -0.05 -0.02 0.00 0.04 0.06 0.00 0.01 0.01 0.00 0.00 0.00 0.01 -0.02 0.00 -0.05 -0.03 -0.01 -0.01 -0.02 0.01 -0.02 0.01 0.02 -0.01 0.01 Tel: +603-2167-9607 High Low 1,744.08 1,735.06 2.87 4.02 4.96 5.19 5.47 5.12 5.15 9.55 5.57 6.05 4.52 1.28 6.42 8.99 1.24 5.19 9.32 13.72 6.42 4.08 3.06 0.40 0.81 0.47 4.33 1.86 1.50 1.32 1.68 3.15 2.26 1.37 1.13 1.75 1.62 2.10 1.86 1.25 0.93 2.02 2.85 3.98 4.86 5.03 5.43 5.07 5.10 9.32 5.48 6.02 4.49 1.25 6.37 8.96 1.22 5.13 9.27 13.68 6.38 3.98 3.02 0.40 0.80 0.46 4.29 1.83 1.48 1.29 1.67 3.00 2.24 1.36 1.10 1.69 1.57 2.05 1.84 1.22 0.91 1.99 Bollinger Bands Lower Mid Upper 1,735.14 1,745.23 1,755.33 2.83 3.99 4.72 4.88 5.44 5.07 5.07 9.26 5.37 5.97 4.52 1.14 6.33 8.88 1.18 5.13 9.22 13.68 6.32 3.88 2.78 0.39 0.71 0.43 4.17 1.62 1.47 1.23 1.66 2.40 2.17 1.19 0.85 1.52 1.47 1.77 1.72 1.22 0.86 1.75 2.87 4.08 4.85 5.04 5.57 5.13 5.19 9.60 5.54 6.01 4.65 1.21 6.40 8.96 1.24 5.25 9.34 13.73 6.38 4.02 3.00 0.40 0.76 0.45 4.28 1.75 1.52 1.28 1.69 2.79 2.22 1.28 1.03 1.67 1.55 1.93 1.79 1.27 0.89 1.95 2.91 4.17 4.98 5.20 5.69 5.18 5.32 9.95 5.72 6.05 4.78 1.28 6.47 9.04 1.31 5.36 9.46 13.78 6.45 4.16 3.22 0.41 0.81 0.46 4.38 1.88 1.57 1.33 1.71 3.17 2.27 1.36 1.21 1.82 1.62 2.09 1.86 1.32 0.91 2.14 stsoo@ta.com.my RSI Moving Averages 14d 10d 30d 50d 56.81 1,742.74 1,736.90 1,721.28 DMI DI + DI - ADX 27.54 20.21 30.65 56.98 46.18 55.24 63.47 50.66 48.84 48.45 53.30 55.77 54.16 35.37 61.74 53.30 60.57 49.46 44.98 53.41 51.45 56.71 52.42 58.30 50.79 64.37 59.03 56.59 68.68 47.32 57.39 48.16 73.01 54.71 69.40 61.60 59.80 62.09 65.50 64.68 50.74 58.52 56.44 18.45 12.85 22.41 30.83 22.29 16.12 18.29 18.35 21.28 21.05 14.35 27.05 14.31 20.76 18.15 15.26 18.53 12.43 24.14 19.36 21.23 11.39 29.32 31.07 16.77 30.36 21.02 29.77 17.49 40.89 29.05 40.53 39.92 33.19 33.13 30.94 23.45 19.95 30.38 22.63 2.87 4.08 4.83 5.06 5.53 5.11 5.19 9.48 5.51 6.01 4.61 1.24 6.41 8.97 1.26 5.22 9.31 13.73 6.39 4.07 3.08 0.40 0.78 0.45 4.30 1.80 1.52 1.30 1.68 2.95 2.24 1.30 1.10 1.73 1.57 1.98 1.81 1.27 0.89 2.04 2.85 4.06 4.87 4.92 5.50 5.11 5.13 9.53 5.47 5.98 4.67 1.21 6.40 8.90 1.22 5.22 9.26 13.72 6.35 4.00 2.93 0.40 0.75 0.45 4.25 1.72 1.51 1.26 1.69 2.49 2.23 1.27 0.98 1.61 1.54 1.93 1.77 1.25 0.88 1.92 2.71 3.98 4.76 4.88 5.32 5.09 5.05 9.19 5.32 6.06 4.65 1.22 6.37 8.69 1.19 5.14 9.19 13.63 6.25 4.04 2.82 0.40 0.72 0.45 4.23 1.67 1.51 1.20 1.69 1.92 2.20 1.29 0.94 1.55 1.58 1.90 1.75 1.21 0.88 1.90 15.33 22.46 18.18 15.30 20.98 24.37 20.38 17.83 15.88 15.88 27.28 11.67 16.20 16.62 16.77 23.00 21.11 18.99 13.43 22.30 13.41 13.81 8.25 10.35 18.49 12.73 15.57 12.54 22.69 14.06 14.63 14.28 13.37 9.17 14.32 14.40 9.53 17.14 11.56 24.06 33.84 22.13 20.43 21.42 30.86 18.31 16.61 36.51 28.59 11.88 16.52 32.71 11.83 21.36 30.80 14.74 11.14 18.76 28.59 25.46 31.53 17.06 32.08 26.35 13.20 48.15 31.39 42.67 12.81 52.65 23.07 25.23 44.29 60.72 23.95 24.88 31.79 37.14 24.01 22.09 www.taonline.com.my Diff 7.33 3.11 (9.62) 4.23 15.53 1.31 (8.26) (2.09) 0.52 5.41 5.17 (12.93) 15.38 (1.88) 4.14 1.38 (7.74) (2.58) (6.57) 10.71 (2.95) 7.81 (2.43) 20.71 (1.72) 17.64 17.64 5.44 17.23 (5.20) 26.83 14.42 26.25 26.56 24.02 18.80 16.54 13.92 2.81 18.82 (1.43) Line 5.71 0.04 0.01 0.03 0.08 0.04 0.00 0.03 0.04 0.05 0.00 -0.03 0.00 0.01 0.08 0.02 0.02 0.05 0.01 0.03 0.01 0.08 0.00 0.02 0.00 0.03 0.05 0.00 0.03 0.00 0.30 0.01 0.02 0.06 0.06 0.01 0.05 0.03 0.01 0.01 0.05 MACD Signal Diff 8.29 (2.583) 0.05 0.03 0.03 0.07 0.08 0.01 0.05 0.10 0.08 -0.01 -0.01 0.01 0.02 0.09 0.03 0.03 0.06 0.02 0.04 0.01 0.09 0.00 0.02 0.00 0.03 0.04 0.01 0.03 0.00 0.33 0.01 0.00 0.05 0.06 0.00 0.03 0.02 0.02 0.01 0.04 (0.013) (0.019) (0.003) 0.004 (0.035) (0.009) (0.020) (0.062) (0.023) 0.011 (0.021) (0.006) (0.009) (0.018) (0.010) (0.018) (0.018) (0.007) (0.013) 0.003 (0.011) (0.000) 0.003 0.002 0.001 0.008 (0.006) (0.003) (0.001) (0.028) 0.004 0.016 0.007 (0.003) 0.013 0.019 0.006 (0.009) 0.002 0.006 DMI MACD Recent Signal BUY SELL DMI MACD Signal Change - BUY SELL BUY BUY BUY SELL SELL BUY BUY BUY SELL BUY SELL BUY BUY SELL SELL SELL BUY SELL BUY SELL BUY SELL BUY BUY BUY BUY SELL BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY SELL SELL BUY - SELL SELL SELL BUY SELL SELL SELL SELL SELL BUY SELL SELL SELL SELL SELL SELL SELL SELL SELL BUY SELL SELL BUY BUY BUY BUY SELL SELL SELL SELL BUY BUY BUY SELL BUY BUY BUY SELL BUY BUY BUY SELL - The table above is a compilation of actively traded stocks with some popular technical indicators. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. INTERPRETATION OF TECHNICAL INDICATORS: Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30-day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average, and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Page 1 of 4
20. Technical Comments : Buy Digi & TM Digi needs to overcome the 61.8%FR (RM5.26) to enhance upside momentum and target the 76.4%FR (RM5.48), with a confirmed breakout to re-test the peak of 18/09/15 (RM5.85), while crucial support cushioning downside is found at 23.6%FR (RM4.67). Likewise, TM needs to climb above the 38.2%FR (RM6.56) to boost upside momentum towards the 50%FR (RM6.80), while a convincing breakout would challenge the 76.4%FR (RM7.32). Immediate support is coming from the low of 30/12/16 (RM5.81). DIGI Upper Middle RM5.10 (+0.01) BOLLINGER BANDS RM RM 5.18 5.13 10-day 30-day RM 5.07 50-day Lower DMI Recent Signal SELL 5.09 Recent Signal SELL Signal Change TELEKOM Recent Signal Signal Change RM DAILY MACD Signal Change Upper Middle Lower SIMPLE MOVING AVERAGES RM 5.11 RM 5.11 BOLLINGER BANDS RM RM RM DMI RM6.39 (+0.04) 6.45 6.38 6.32 BUY SIMPLE MOVING AVERAGES RM 6.39 RM 6.35 RM 6.25 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day Page 2 of 4
21. T e c h n i c a l TA Securities V i e w Thursday , April 13, 2017 FBMKLCI: 1,744.08 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Daily Stock Screen s Malaysia End Day Census of 12.04.2017 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my Report Description: The Daily Stock Screen is a retail product which can be a very useful guide for momentum trading and trading ideas .The following list is derived from the screening of more than 1000 stocks currently listed on Bursa Malaysia to identify: the top 20 breakout, 20 breakdown, and 30 ‘potential’ breakout stocks which just climbed above the middle Bollinger band, with potential to appreciate toward the upper Bollinger band. [MIDDLE BOLLINGER RANGEBOUND] List of 30 Potential Breakout Stocks (Short-term BUY for upside toward Upper Bollinger Band or higher to TAKE PROFIT/SELL) No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Stock Name Price KEY ALLIANCE GRO AT SYSTEMATIZATI HO WAH GENTING EA HOLDINGS PUC FOUNDER MSC JKG LAND BHD BIO OSMO BHD MINETECH RESOURC SYSTECH BHD NOVA MSC BHD NAIM INDAH CORP OLYMPIA INDS BHD VIZIONE HOLDINGS BIOALPHA HOLDING BORNEO OIL BHD VIVOCOM INTERNAT IFCA MSC BHD DATAPREP HLDGS VSOLAR GROUP BHD GENTING MALAYSIA IDIMENSION CON M3 TECHNOLOGIES TADMAX RESOURCES MNC WIRELESS BHD LION INDUSTRIES NEXGRAM HOLDINGS SUMATEC RESOURCE NETX HOLDINGS BH GREEN PACKET BHD TH HEAVY ENGINEE 0.08 0.05 0.07 0.10 0.15 0.13 0.10 0.14 0.31 0.11 0.12 0.17 0.14 0.27 0.19 0.16 0.45 0.57 0.13 5.55 0.08 0.08 0.49 0.08 0.78 0.05 0.08 0.04 0.35 0.15 RSI Bollinger Band Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day 0.04 0.04 0.06 0.06 0.12 0.11 0.08 0.12 0.26 0.08 0.09 0.12 0.11 0.24 0.18 0.15 0.41 0.40 0.10 5.37 0.06 0.06 0.44 0.05 0.63 0.04 0.07 0.02 0.29 0.13 0.06 0.05 0.06 0.08 0.14 0.12 0.09 0.14 0.29 0.09 0.11 0.15 0.13 0.26 0.18 0.16 0.44 0.55 0.12 5.54 0.08 0.07 0.47 0.07 0.76 0.05 0.07 0.03 0.33 0.14 0.09 0.05 0.07 0.10 0.16 0.13 0.10 0.15 0.31 0.11 0.12 0.19 0.14 0.28 0.19 0.16 0.46 0.71 0.15 5.72 0.10 0.09 0.49 0.09 0.89 0.06 0.08 0.04 0.37 0.15 59.18 54.04 61.00 71.93 62.16 60.33 65.87 61.28 67.53 62.59 59.04 65.19 59.12 57.58 55.40 51.64 52.58 62.92 57.90 55.77 54.32 62.27 64.64 63.79 58.27 52.65 51.54 61.98 62.59 52.56 0.07 0.05 0.06 0.08 0.14 0.12 0.09 0.13 0.29 0.10 0.11 0.15 0.13 0.26 0.19 0.16 0.44 0.57 0.13 5.51 0.09 0.08 0.47 0.08 0.72 0.05 0.07 0.04 0.34 0.14 0.06 0.05 0.06 0.07 0.12 0.12 0.08 0.13 0.27 0.09 0.10 0.14 0.12 0.25 0.18 0.16 0.44 0.45 0.11 5.47 0.07 0.07 0.45 0.07 0.76 0.05 0.07 0.03 0.32 0.14 0.05 0.04 0.06 0.06 0.11 0.13 0.07 0.12 0.26 0.09 0.10 0.13 0.12 0.24 0.18 0.16 0.46 0.37 0.10 5.32 0.06 0.06 0.43 0.07 0.66 0.04 0.08 0.03 0.29 0.14 Vol 98,840,400 71,296,300 54,862,200 33,735,400 30,915,900 28,073,900 23,831,700 23,431,200 21,633,700 20,839,700 19,612,300 19,507,800 18,064,800 18,028,000 15,985,700 15,687,900 13,900,000 13,141,900 11,456,000 11,007,200 10,966,400 10,504,500 10,361,600 10,192,200 9,991,700 9,835,900 9,685,000 9,385,200 8,883,300 8,197,600 20-day avg vol 22,237,120 25,240,740 24,165,950 32,630,410 41,681,540 19,440,530 12,122,110 8,062,040 8,876,895 6,036,430 37,670,510 52,936,150 24,602,420 14,216,430 56,891,930 24,733,970 18,044,500 46,081,680 18,422,000 12,515,850 8,778,850 10,082,150 9,130,200 18,672,250 7,515,025 14,953,080 21,499,610 21,517,320 16,164,230 4,432,055 Raw data sourced from Bloomberg *Note: To qualify in this list above, the first sorting criteria is stock price must have just climbed or stayed ABOVE the middle Bollinger Band, followed by a second criteria that trading volume for the day must be significantly strong. This is a good watch list for momentum traders looking for short-term BUY ideas, as they are laggards with good upside potential towards the upper Bollinger band or higher to TAKE PROFIT/SELL. Caveat: Some stocks may continue to stay range bound and trade sideways, hence traders should refer to their respective charts to spot accumulation (volume growth) or breakout patterns. INTERPRETATION OF TECHNICAL INDICATORS: Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The mediumterm trend is positive if share price stays above the 30-day, and negative if it remains below this average. 14-day RSI: A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30-day SMA should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day SMA is bearish and imply further near-term downside risk. Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders will buy on price breaks above the upper band, and sell when price breaks below the lower band. Alternatively, a sharp move that originates at one band tends to go all the way to the other band, a useful observation when projecting price targets. Page 1 of 2
22. TA Securities A Member of the TA Group *Note: To qualify in the breakout list below, the first sorting criteria is stock price must close ABOVE the upper Bollinger Band, followed by a second criteria that trading volume for the day must be significantly higher than the 20-day average volume, which signal a bullish breakout. Caveat: We would caution momentum traders that a highly overbought 14-day RSI reading (> 80) and share price pullback BELOW the upper Bollinger Band are early warning signals to exit buy breakout trades. [UPPER BOLLINGER BREAKOUT] Top 20 Breakout Stocks (Generally BULLISH, but can be short-term TAKE PROFIT/SELL guide) No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Stock Name Price AMTEK HLDGS CAM RESOURCES PANSAR PJBUMI BHD PRIVASIA TECHNOL MTOUCHE TECH TURBO MALAYAN UTD INDS ASIAN PAC HLDGS YKGI HOLDINGS BH GUAN CHONG BHD SERSOL BHD ANCOM LOGISTICS GREEN OCEAN CORP MTD ACPI ENG BHD BREM HLDG BHD DAYANG ENTERPRIS WCE HOLDINGS BHD HCK CAPITAL GROU 0.28 0.33 0.48 0.39 0.21 0.26 0.94 0.25 0.22 0.26 1.01 0.26 0.12 0.14 0.40 0.95 1.15 1.44 6.20 0.91 GENETEC TECH BHD Raw data sourced from Bloomberg 20 Bollinger Band RSI Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day 0.21 0.29 0.39 0.24 0.16 0.15 0.72 0.12 0.16 0.22 0.87 0.15 0.10 0.08 0.36 0.84 0.93 1.26 2.54 0.82 0.25 0.30 0.42 0.32 0.18 0.20 0.81 0.18 0.19 0.23 0.92 0.20 0.11 0.10 0.37 0.89 1.02 1.33 3.95 0.85 0.28 0.32 0.45 0.39 0.20 0.25 0.90 0.24 0.21 0.25 0.97 0.25 0.12 0.13 0.39 0.94 1.10 1.40 5.36 0.89 60.35 60.27 72.96 71.29 70.52 68.43 71.57 72.75 77.80 62.58 66.97 79.99 69.88 74.68 66.43 76.24 71.55 72.32 91.38 64.40 0.25 0.30 0.43 0.34 0.19 0.22 0.83 0.19 0.20 0.24 0.94 0.22 0.11 0.11 0.37 0.90 1.04 1.35 4.41 0.86 0.24 0.30 0.42 0.30 0.17 0.19 0.80 0.18 0.18 0.23 0.94 0.19 0.10 0.10 0.37 0.87 1.02 1.32 3.74 0.85 0.25 0.30 0.42 0.30 0.18 0.18 0.80 0.17 0.17 0.24 0.99 0.18 0.10 0.10 0.38 0.85 1.04 1.29 3.53 0.86 Vol 41,000 841,100 9,605,800 3,066,700 73,124,100 30,871,400 172,700 182,545,000 46,101,300 11,890,700 2,164,600 45,922,900 6,107,400 20,623,400 1,453,700 1,337,300 12,315,000 6,066,900 62,200 264,300 20-day avg vol 2,235 54,935 688,600 298,780 7,219,110 3,232,740 19,510 25,328,570 6,510,355 1,682,355 310,100 6,760,175 1,148,225 4,004,665 299,080 276,205 2,657,070 1,317,480 13,935 60,435 *Note: As for the top 20 breakdown list below, the sole sorting criteria is stock price must close significantly BELOW the lower Bollinger Band, with the largest distance from the lower band at the top of the table, signaling a severe sell-off which is bearish. Caveat: A stock should bottom out if share price moves ABOVE the falling lower Bollinger Band, which can be a good buy signal for technical rebound upside after the sharp sell-off. p [LOWER BOLLINGER BREAKDOWN] Top 20 Breakdown Stocks (Generally BEARISH, but can be short-term BUY guide) No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Stock Name Price GOODWAY INTEGRAT UMS HLDGS BHD SARAWAK OIL PALM IOI CORP BHD HEKTAR REIT BOUSTEAD HLDGS BERJAYA SPORTS SHH RESOURCES HL PRG HOLDINGS BHD SURIA CAPITAL HENG HUAT RESOUR EG INDUSTRIES BH MAGNUM BHD IREKA CORP BHD TEO SENG CAPITAL PERWAJA HOLDINGS PARKSON HOLDINGS GLOMAC BHD LAY HONG BHD SCOMI ENGINEERIN 0.32 2.55 3.50 4.50 1.59 2.73 2.85 1.56 0.89 2.14 0.29 0.88 2.10 0.65 1.01 0.05 0.63 0.71 0.89 0.39 Bollinger Band RSI Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day 0.38 2.59 3.52 4.52 1.60 2.74 2.86 1.57 0.89 2.14 0.29 0.88 2.10 0.65 1.01 0.05 0.63 0.71 0.89 0.39 0.49 2.72 3.61 4.65 1.63 2.77 2.91 1.60 0.91 2.20 0.31 0.91 2.13 0.66 1.05 0.07 0.64 0.72 0.91 0.41 0.59 2.84 3.70 4.78 1.65 2.80 2.97 1.64 0.93 2.26 0.32 0.93 2.15 0.67 1.08 0.08 0.65 0.73 0.93 0.43 16.03 35.80 28.42 35.37 38.09 35.66 34.65 26.89 41.24 39.76 39.21 39.83 37.25 37.15 37.39 32.94 40.99 45.40 38.59 44.43 0.46 2.67 3.58 4.61 1.63 2.77 2.90 1.59 0.91 2.19 0.31 0.90 2.12 0.66 1.04 0.06 0.64 0.72 0.90 0.40 0.49 2.74 3.63 4.67 1.62 2.78 2.92 1.61 0.91 2.20 0.31 0.91 2.14 0.66 1.06 0.07 0.64 0.72 0.91 0.41 0.51 2.71 3.72 4.65 1.63 2.78 2.93 1.63 0.89 2.13 0.31 0.91 2.16 0.66 1.08 0.07 0.65 0.72 0.90 0.41 Vol 7,530,300 6,000 478,400 3,259,900 216,300 314,100 1,521,900 38,700 122,000 129,800 710,700 1,395,100 1,215,700 56,000 79,100 4,805,800 2,495,400 349,500 268,400 93,400 20-day avg vol 764,270 4,020 104,205 5,390,135 35,030 265,710 1,804,330 26,720 84,450 35,365 332,470 1,246,170 572,240 26,620 220,515 1,808,075 1,591,635 326,085 904,860 241,445 Raw data sourced from Bloomberg Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 2 of 2
23. Thursday , 13 April, 2017 For Internal Circulation Only TA RESEARCH’S ‘DAILY COMPILED FOREIGN TECHNICAL REPORTS’ Asian Technical Reports 1. Foreign Technical Stock Watch (AUS) 2. Foreign Technical Stock Watch (HK) 3. Foreign Technical Stock Watch (FSSTI) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research
24. T e c h n i c a l TA Securities V i e w Thursday , April 13, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Foreign Technical Stock Watch Australia ASX: 5,933.96 (+4.68, +0.08%) THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Name ASX 200 BHP BILLITON RIO TINTO COMMONW BK AUSTR WESTPAC BANKING AUST AND NZ BANK NATL AUST BANK WESFARMERS WOODSIDE PETRO NEWCREST MINING WESTFIELD GROUP FORTESCUE METALS QBE INSURANCE ORIGIN ENERGY AMP SANTOS MACQUARIE GROUP SUNCORP GROUP ORICA OIL SEARCH COCA-COLA AMATIL AMCOR STOCKLAND ALUMINA COMPUTERSHARE QANTAS AIRWAYS SIMS METAL MGMT Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my Close Bollinger Bands RSI Moving Averages DMI MACD Change High Low 12-Apr Lower Mid Upper 14d 10d 30d 50d DI + DI - ADX Diff Line Signal Diff 5933.96 4.68 5944.20 5913.60 5688.75 5829.39 5970.04 66.81 5886.14 5805.63 5774.26 34.05 14.41 26.33 19.65 43.34 34.32 9.015 25.32 61.89 86.68 34.93 32.13 33.22 44.98 33.85 25.00 9.08 5.90 12.86 7.52 5.30 3.84 88.63 13.45 18.07 7.59 10.78 15.30 4.88 1.82 13.90 3.95 12.32 -0.09 -0.14 0.58 0.06 0.32 0.21 0.38 0.09 0.39 0.12 -0.11 -0.20 0.06 0.01 -0.03 -0.72 -0.01 -0.01 0.06 0.08 0.06 0.04 0.02 -0.22 0.03 -0.08 25.64 62.20 86.68 35.03 32.17 33.34 45.08 33.94 25.26 9.14 6.01 13.12 7.57 5.31 3.90 89.54 13.50 18.19 7.62 10.80 15.34 4.90 1.82 14.24 3.98 12.53 25.07 61.41 85.98 34.70 31.95 32.96 44.57 33.67 24.86 8.99 5.82 12.79 7.46 5.24 3.82 88.16 13.34 17.90 7.53 10.70 15.08 4.83 1.78 13.81 3.92 12.22 23.32 58.76 82.65 33.48 30.83 31.51 43.23 30.22 21.20 8.44 5.79 12.60 6.42 4.89 3.62 86.65 12.79 17.30 6.73 10.24 14.37 4.42 1.73 13.59 3.77 12.13 24.49 60.83 85.03 34.51 31.63 32.64 44.38 32.04 23.03 8.81 6.28 12.85 6.99 5.11 3.77 88.53 13.14 17.73 7.18 10.59 14.97 4.65 1.79 13.93 3.90 12.51 25.65 62.90 87.40 35.54 32.44 33.76 45.52 33.85 24.87 9.18 6.77 13.11 7.57 5.34 3.91 90.40 13.49 18.15 7.63 10.93 15.57 4.87 1.86 14.28 4.03 12.88 56.83 53.17 62.26 57.09 59.87 59.80 60.49 74.62 78.71 65.94 37.42 51.47 74.42 68.98 54.48 51.91 59.18 53.53 73.56 61.21 67.85 73.23 49.95 50.75 60.72 46.29 24.65 60.80 85.86 34.78 31.80 33.03 44.79 32.79 23.65 8.98 6.16 12.90 7.23 5.21 3.80 89.02 13.14 17.72 7.38 10.74 15.18 4.73 1.80 14.04 3.93 12.42 24.56 60.83 84.65 34.55 31.63 32.65 44.13 31.67 22.49 8.75 6.31 12.83 6.80 5.08 3.72 88.40 13.22 17.99 7.10 10.53 14.74 4.64 1.82 13.92 3.86 12.56 25.14 62.92 84.08 34.01 31.01 32.13 43.30 31.65 22.63 8.83 6.48 12.70 6.86 5.07 3.79 87.34 13.25 18.21 7.08 10.34 14.64 4.60 1.87 13.67 3.71 12.38 34.13 29.65 27.28 28.87 25.79 28.80 22.52 40.48 43.66 30.83 15.07 26.54 43.29 28.18 28.24 22.13 28.86 25.31 32.97 24.54 25.64 33.24 23.46 18.68 20.87 22.95 19.33 26.71 18.28 24.00 20.63 20.70 19.61 12.38 11.56 12.19 36.67 21.95 14.05 11.41 20.78 22.19 22.04 19.54 11.51 15.73 17.02 9.82 24.41 17.64 17.72 24.41 15.90 15.13 15.75 15.68 17.23 18.93 18.50 28.56 27.36 29.05 26.51 16.40 29.78 22.71 16.01 10.50 14.19 17.66 26.27 24.13 23.08 28.14 10.20 18.47 23.44 11.42 14.80 2.94 9.00 4.87 5.17 8.10 2.91 28.10 32.10 18.64 (21.60) 4.59 29.25 16.78 7.46 (0.06) 6.82 5.78 21.45 8.80 8.63 23.42 (0.95) 1.04 3.15 (1.46) 0.05 -0.27 0.59 0.18 0.19 0.24 0.39 0.58 0.66 0.08 -0.12 0.07 0.19 0.07 0.02 0.35 0.00 -0.09 0.14 0.12 0.20 0.06 -0.02 0.10 0.06 -0.02 -0.17 -0.59 0.52 0.21 0.21 0.26 0.44 0.35 0.42 0.04 -0.09 0.07 0.13 0.05 0.00 0.44 -0.05 -0.17 0.09 0.12 0.18 0.04 -0.02 0.12 0.07 -0.01 0.219 0.318 0.066 (0.029) (0.024) (0.021) (0.043) 0.227 0.241 0.034 (0.024) (0.001) 0.066 0.022 0.019 (0.083) 0.046 0.074 0.047 (0.001) 0.020 0.024 0.006 (0.023) (0.011) (0.014) DMI MACD DMI MACD Recent Signal Signal Change BUY BUY BUY BUY BUY BUY BUY BUY BUY SELL BUY SELL BUY SELL BUY SELL BUY BUY BUY BUY BUY BUY SELL SELL BUY SELL - SELL BUY BUY BUY BUY BUY BUY SELL SELL SELL BUY BUY BUY BUY BUY BUY BUY SELL BUY BUY BUY BUY SELL BUY BUY SELL BUY SELL SELL SELL SELL - The table below consists of the top 30 ASX 200 Index component stocks, weighted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. Stock names and technical statistics in bold highlight stocks that have changes in BUY/SELL signals on the DMI and MACD on the given date. Page 1 of 2
25. TA Securities A Member of the TA Group INTERPRETATION OF TECHNICAL INDICATORS : Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Fundamentals of Foreign Technical Picks Bloomberg Ticker Stock Name BHP AU BHP BILLITON LTD RIO AU RIO TINTO LTD CBA AU COMMONW BK AUSTR WBC AU WESTPAC BANKING ANZ AU AUST AND NZ BANK NAB AU NATL AUST BANK WES AU WESFARMERS LTD WPL AU WOODSIDE PETRO NCM AU NEWCREST MINING WFD AU WESTFIELD GROUP FMG AU FORTESCUE METALS QBE AU QBE INSURANCE ORG AU ORIGIN ENERGY AMP AU AMP LTD STO AU SANTOS LTD MQG AU MACQUARIE GROUP SUN AU SUNCORP GROUP LT ORI AU ORICA LTD OSH AU OIL SEARCH LTD CCL AU COCA-COLA AMATIL AMC AU AMCOR LTD SGP AU STOCKLAND AWC AU ALUMINA LTD CPU AU COMPUTERSHARE LT QAN AU QANTAS AIRWAYS SGM AU SIMS METAL MGMT EPS ($) PER(x) Div Yield(%) 52week Price % Chg Close Target Price % upside 25.32 28.11 10% 61.89 70.94 13% 4.65 3.39 10.0 13.7 4.353 3.236 69.80 41.51 3.32 86.68 84.06 -3% 5.64 5.84 15.4 14.8 4.893 5.035 86.68 69.22 5.18 34.93 34.01 -3% 2.41 2.51 14.5 13.9 5.336 5.328 35.39 27.57 7.15 32.13 31.20 -3% 2.39 2.43 13.4 13.2 5.030 5.095 32.44 22.15 5.62 33.22 32.42 -2% 2.41 2.47 13.8 13.5 5.900 5.795 33.63 23.90 8.31 44.98 43.46 -3% 2.61 2.63 17.3 17.1 4.909 4.984 46.06 38.62 6.74 33.85 33.08 -2% 1.31 1.48 19.4 17.1 2.984 3.386 33.97 24.95 8.63 25.00 22.99 -9% 0.74 0.92 25.5 20.5 0.688 0.988 27.20 16.35 23.46 9.08 9.48 4% 0.33 0.36 20.6 19.0 2.819 2.874 11.14 8.21 -3.20 5.90 6.63 11% 0.87 0.51 5.1 8.6 5.593 3.424 7.27 2.81 0.17 12.86 13.64 6% 0.64 0.81 15.0 12.0 3.297 3.888 13.28 9.22 3.54 7.52 7.44 -1% 0.32 0.57 23.6 13.3 0.000 1.303 7.57 4.61 14.11 5.30 5.31 0% 0.36 0.37 14.9 14.2 5.472 5.717 5.96 4.39 5.16 3.84 4.39 13% 0.14 0.19 20.3 14.8 0.964 2.005 5.07 3.30 -4.48 88.63 88.37 0% 6.16 6.36 14.4 13.9 4.794 5.004 90.93 61.05 1.73 13.45 13.77 2% 0.90 0.97 14.9 13.8 5.405 5.836 13.95 11.27 -0.52 18.07 16.75 -8% 1.05 1.13 17.3 16.0 2.939 3.188 19.49 12.04 2.21 7.59 7.99 5% 0.22 0.26 26.3 22.2 1.159 1.397 7.75 6.16 5.86 10.78 9.92 -9% 0.57 0.60 18.8 18.1 4.443 4.573 10.87 7.94 6.52 15.30 15.97 4% 0.61 0.65 18.9 17.6 2.784 3.124 16.66 13.62 2.34 4.88 4.83 -1% 0.32 0.34 15.2 14.5 5.266 5.471 5.11 4.03 6.55 2017 2018 2017 2018 2017 2018 High Low YTD 1.50 1.27 12.6 15.0 3.483 3.104 27.96 16.75 1.04 1.82 1.88 4% 0.11 0.10 12.4 14.2 5.840 5.785 2.04 1.21 -0.82 13.90 13.82 -1% 0.55 0.61 19.1 17.1 1.885 2.022 14.33 8.63 11.56 3.95 4.39 10% 0.53 0.53 7.50 7.47 3.722 4.557 4.08 2.58 18.62 12.32 12.42 1% 0.64 0.73 19.4 16.9 3.109 3.198 13.62 7.40 -3.98 Note : The above data is based on Bloomberg consensus. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 2 of 2
26. T e c h n i c a l TA Securities V i e w Thursday , April 13, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Foreign Technical Stock Watch Hong Kong HSI: 24,313.50 (+225.04, +0.93%) THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Stock Close Name 12-Apr HANG SENG 24,313.50 HSBC CH MOBILE CCONB ICBC CNOOC CH LIFE BOC SHK PROP PETRO CH TENCENT HKSE CK HUTCHISON PING AN SINOPEC CORP CH SHENHUA CLP LI & FUNG BOC HK HS BANK HK&CH GAS SWIRE HL PROP WHARF CH OV LAND POWER ASSETS BELLE HENDERSON BOCOMM CH COAL CH UNICOM BK EASIA ESPRIT MTR SINO LAND CH RES NEW WORLD CH RES LAND CH MERCHANT CH RES POWER ALCORP CATHAY CITIC COSCO FIH MOBILE LTD GENHK AIA SANDS CHINA GALAXY 64.20 84.85 6.23 5.02 9.45 23.20 3.71 117.70 5.68 231.00 195.20 95.50 42.50 6.40 18.16 82.25 3.29 31.65 158.20 15.82 74.80 20.65 67.25 23.30 68.70 5.16 49.80 5.96 4.18 10.50 31.75 6.09 44.80 13.42 18.82 9.76 22.65 22.95 14.38 3.94 10.92 11.04 8.40 2.73 2.40 49.85 37.35 43.50 Change Tel: +603-2167 9607 High Lower 225.04 0.50 0.50 0.03 0.05 0.06 0.15 0.02 0.90 0.00 6.00 1.40 (0.05) 0.20 (0.01) (0.08) 1.05 0.02 (0.10) 1.60 0.14 (1.20) 0.20 1.05 0.35 0.35 0.11 0.00 0.05 0.07 (0.08) 0.10 (0.06) 0.35 0.14 0.24 0.00 0.30 0.55 (0.06) (0.03) (0.06) 0.12 0.08 0.03 0.00 0.55 0.50 0.45 24,313.50 23,994.13 64.40 85.00 6.25 5.05 9.48 23.25 3.72 117.70 5.69 231.00 195.20 95.55 42.50 6.43 18.22 82.25 3.30 31.80 158.20 15.82 76.00 20.70 67.45 23.40 68.70 5.20 49.80 5.96 4.20 10.64 31.75 6.16 44.80 13.50 18.84 9.77 22.70 23.25 14.48 3.97 11.00 11.04 8.52 2.75 2.40 49.85 37.45 43.55 63.55 84.20 6.14 4.95 9.31 22.75 3.64 115.00 5.62 225.20 193.00 94.65 41.85 6.32 18.08 81.05 3.27 31.30 155.60 15.50 74.70 20.20 66.40 22.90 68.00 5.05 49.05 5.85 4.07 10.40 30.75 6.01 44.00 13.16 18.54 9.62 22.15 22.20 14.26 3.88 10.90 10.90 8.27 2.70 2.38 49.10 36.55 42.45 RSI Bollinger Bands Low 23,968.51 62.66 82.80 6.17 4.98 8.84 22.86 3.66 112.46 5.62 218.34 192.95 94.86 42.08 5.86 16.39 78.65 3.15 31.51 156.42 14.94 75.84 20.00 65.77 21.42 66.28 4.92 45.86 5.88 3.88 9.78 31.59 6.06 41.92 13.18 17.35 9.53 21.06 21.42 13.76 3.67 10.94 10.84 8.26 2.62 2.31 48.82 34.05 39.40 Mid stsoo@ta.com.my Upper 14d 24,285.21 24,601.92 55.56 63.47 86.49 6.34 5.11 9.24 24.06 3.86 115.29 5.76 225.31 196.14 96.41 43.24 6.24 18.11 81.00 3.57 31.98 158.35 15.49 77.85 20.49 67.65 23.43 67.73 5.15 48.19 6.06 4.06 10.41 32.11 6.57 43.41 13.64 18.15 9.76 22.03 22.23 14.32 3.92 11.21 11.14 8.55 2.99 2.39 49.63 35.98 42.05 64.28 90.19 6.51 5.25 9.64 25.25 4.06 118.11 5.90 232.28 199.33 97.96 44.40 6.63 19.82 83.35 3.98 32.45 160.27 16.05 79.86 20.98 69.53 25.44 69.18 5.38 50.52 6.24 4.23 11.03 32.62 7.09 44.89 14.11 18.95 9.98 23.01 23.03 14.88 4.16 11.48 11.44 8.84 3.36 2.47 50.44 37.91 44.71 56.73 43.65 46.77 46.23 57.71 39.09 36.80 67.42 41.14 65.41 49.99 47.29 46.23 61.08 57.47 63.19 33.10 48.47 49.44 68.15 29.29 56.48 57.90 49.97 56.80 51.54 77.80 43.67 57.51 56.12 43.61 32.11 75.18 47.03 63.66 51.91 61.43 65.57 54.62 49.64 38.95 45.65 46.22 35.73 54.12 55.12 66.78 68.96 Moving Averages 10d 24,267.22 63.49 85.58 6.28 5.07 9.40 23.65 3.79 116.17 5.71 226.76 195.45 95.75 43.11 6.41 18.28 81.92 3.38 31.96 158.06 15.72 77.64 20.49 66.87 22.68 67.95 5.08 48.98 5.99 4.07 10.62 32.11 6.38 44.03 13.61 18.30 9.69 21.84 22.56 14.18 3.94 11.21 11.06 8.53 2.86 2.38 49.57 36.79 43.18 30d www.taonline.com.my DMI 50d DI + DMI MACD DI - ADX Diff Line Signal Diff MACD Recent Signal DMI MACD Signal Change 24,084.97 23,941.09 21.13 26.16 20.44 (5.03) 103.51 138.80 (35.287) SELL SELL - - 63.41 85.96 6.29 5.07 9.17 23.92 3.86 114.60 5.77 220.40 194.66 96.24 42.67 6.14 17.41 80.27 3.57 31.71 158.54 15.33 78.46 20.26 66.38 23.61 67.96 5.19 47.23 6.06 4.04 10.09 32.08 6.72 42.83 13.56 17.98 9.83 21.67 21.97 14.31 3.97 11.33 11.11 8.52 3.05 2.39 49.51 35.20 40.88 64.49 86.58 6.22 5.03 9.31 23.82 3.84 112.70 5.90 215.46 195.00 94.85 42.21 6.13 16.97 79.18 3.51 31.49 159.69 15.14 79.00 20.01 63.60 23.69 68.89 5.19 45.93 6.05 4.07 9.81 32.53 6.55 41.89 13.30 17.65 9.68 21.35 21.79 14.14 4.03 11.22 11.27 8.46 2.97 2.37 48.95 34.09 38.91 20.35 26.50 23.06 27.80 17.43 26.33 34.64 17.53 25.50 17.55 20.59 24.05 18.52 16.23 20.06 16.40 30.33 24.52 24.22 17.82 31.54 23.19 15.75 22.87 14.49 21.28 17.04 26.36 15.64 14.67 26.54 28.92 10.65 18.66 11.12 21.28 18.40 10.15 15.66 21.57 28.70 25.35 19.72 25.03 17.22 20.50 12.02 11.08 8.33 17.58 16.16 18.26 22.64 18.42 23.99 27.02 16.70 24.98 13.25 22.57 29.30 29.99 29.16 38.34 26.12 19.73 19.38 40.44 15.27 19.18 30.50 21.94 18.78 20.91 39.21 14.60 13.31 39.32 15.72 24.15 51.49 25.13 27.71 17.34 19.72 21.25 17.92 14.74 16.65 22.82 15.64 28.70 27.59 17.28 36.41 51.33 7.65 (9.26) (6.66) (8.44) 7.47 (10.78) (17.59) 3.98 (8.47) 11.16 (4.83) (10.51) (0.93) 10.39 10.28 4.69 (15.97) (10.96) (13.88) 2.63 (18.12) 0.02 5.62 (1.23) 3.79 (2.21) 14.31 (11.29) 12.37 7.18 (15.00) (15.44) 20.35 (4.36) 19.63 (2.70) 10.48 14.16 8.23 1.95 (12.57) (13.97) 0.72 (8.81) 12.61 (1.18) 12.79 13.85 -0.12 -0.35 0.00 0.00 0.06 -0.14 -0.04 1.35 -0.05 3.82 0.22 0.08 0.14 0.11 0.42 0.95 -0.08 0.12 -0.32 0.22 -0.63 0.18 0.74 -0.27 0.04 -0.03 1.10 -0.03 0.02 0.26 -0.11 -0.14 0.77 0.05 0.31 0.00 0.29 0.29 0.03 0.00 -0.05 -0.07 0.00 -0.08 0.00 0.18 0.90 1.35 0.134 (0.233) (0.026) (0.023) 0.039 (0.152) (0.027) 0.116 0.003 (0.304) (0.222) (0.251) (0.210) 0.016 (0.074) (0.019) (0.043) (0.094) (0.092) 0.015 (0.243) (0.037) (0.421) 0.007 0.224 (0.005) 0.050 (0.020) 0.018 (0.024) (0.034) (0.070) 0.048 (0.074) 0.051 (0.008) 0.041 0.015 0.001 0.018 (0.041) (0.006) (0.038) (0.050) 0.001 (0.054) 0.080 (0.041) BUY SELL SELL SELL BUY SELL SELL BUY SELL BUY SELL SELL SELL BUY BUY BUY SELL SELL SELL BUY SELL BUY BUY SELL BUY SELL BUY SELL BUY BUY SELL SELL BUY SELL BUY SELL BUY BUY BUY BUY SELL SELL BUY SELL BUY SELL BUY BUY BUY SELL SELL SELL BUY SELL SELL BUY BUY SELL SELL SELL SELL BUY SELL SELL SELL SELL SELL BUY SELL SELL SELL BUY BUY SELL BUY SELL BUY SELL SELL SELL BUY SELL BUY SELL BUY BUY BUY BUY SELL SELL SELL SELL BUY SELL BUY SELL SELL SELL BUY - BUY BUY BUY - 28.00 17.23 16.40 19.36 24.89 15.55 17.05 21.51 17.03 28.71 15.76 13.54 17.59 26.62 30.34 21.09 14.36 13.56 10.34 20.44 13.42 23.22 21.37 21.64 18.29 19.07 31.36 15.07 28.01 21.85 11.54 13.48 31.00 14.30 30.75 18.59 28.88 24.31 23.89 23.52 16.13 11.37 20.44 16.22 29.83 19.32 24.81 24.93 -0.25 -0.12 0.03 0.02 0.02 0.01 -0.01 1.23 -0.05 4.12 0.44 0.33 0.35 0.10 0.50 0.97 -0.04 0.22 -0.23 0.21 -0.39 0.22 1.16 -0.27 -0.19 -0.03 1.05 -0.01 0.01 0.29 -0.08 -0.07 0.72 0.12 0.25 0.01 0.25 0.27 0.03 -0.01 -0.01 -0.06 0.04 -0.03 0.00 0.23 0.82 1.39 The table above consists of the 45 HKSE Hang Seng Index component stocks, sorted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. Stock names and technical statistics in bold highlight stocks that have changes in BUY/SELL signals on the DMI and MACD on the given date. Page 1 of 2
27. TA Securities A Member of the TA Group INTERPRETATION OF TECHNICAL INDICATORS : Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Fundamentals of Foreign Technical Picks Bloomberg Ticker 5 941 939 1398 883 2628 3988 16 857 700 388 1 2318 386 1088 2 494 2388 11 3 19 101 4 688 6 1880 12 3328 1898 762 23 330 66 83 291 17 1109 144 836 2600 293 267 1199 2038 678 1299 1928 27 HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK EPS ($) PER(x) Div Yield(%) 52week Price % Chg Stock Name Close Target Price % upside 2017 2018 2017 2018 2017 2018 High Low YTD HSBC CH MOBILE CCONB ICBC CNOOC CH LIFE BOC SHK PROP PETRO CH TENCENT HKSE CK HUTCHISON PING AN SINOPEC CORP CH SHENHUA CLP LI & FUNG BOC HK HS BANK HK&CH GAS SWIRE HL PROP WHARF CH OV LAND POWER ASSETS BELLE HENDERSON BOCOMM CH COAL CH UNICOM BK EASIA ESPRIT MTR SINO LAND CH RES NEW WORLD CH RES LAND CH MERCHANT CH RES POWER ALCORP CATHAY CITIC COSCO FIH MOBILE LTD GENHK AIA SANDS CHINA LTD GALAXY 64.30 62.70 -3% 0.6 0.6 14.0 12.8 0.8 0.8 69.10 44.50 3.29 84.80 106.47 20% 5.7 6.1 13.3 12.4 3.1 3.4 99.30 80.30 3.16 6.23 7.56 18% 0.9 1.0 5.9 5.6 4.6 4.8 6.55 4.50 4.36 5.02 6.10 18% 0.8 0.8 5.7 5.4 4.7 4.9 5.27 3.82 9.45 11.10 15% 0.6 0.8 N/A 10.7 3.5 3.7 10.88 8.70 -2.58 23.15 28.37 18% 0.9 1.1 22.3 18.5 1.4 1.6 25.50 16.00 14.60 3.71 4.48 17% 0.6 0.6 5.7 5.4 4.7 5.1 4.08 2.90 7.85 117.30 129.67 10% 8.8 9.5 13.4 12.4 3.4 3.5 123.30 85.40 19.69 0.3 0.4 19.7 12.8 1.9 3.0 6.38 7.96 5.68 7.00 19% 4.92 -1.73 230.60 257.43 10% 6.1 7.9 33.4 26.0 0.3 0.4 230.60 152.20 21.56 194.70 197.21 1% 5.7 6.3 34.4 30.9 2.6 2.9 213.20 175.00 6.28 95.20 114.23 17% 9.2 10.0 10.3 9.5 3.0 3.3 103.90 80.60 8.30 42.45 44.95 56.85 25% 3.7 4.1 10.2 9.3 1.6 1.8 32.50 9.41 6.42 7.36 13% 0.4 0.5 12.9 11.3 3.9 4.5 6.57 4.96 16.73 18.18 19.10 5% 1.6 1.5 10.3 10.7 3.2 3.2 19.78 11.40 24.52 81.95 79.27 -3% 5.0 5.2 16.3 15.8 3.5 3.6 84.35 69.65 15.02 3.29 3.16 -4% 0.0 0.0 15.1 13.7 0.8 0.8 5.15 3.24 -3.52 31.70 35.87 12% 2.7 2.9 11.9 11.0 4.3 4.5 32.55 21.01 14.23 158.00 154.53 -2% 9.2 10.1 4.2 164.40 127.60 9.49 15.76 12.85 -23% 0.6 0.6 26.4 25.3 2.4 2.5 15.92 12.95 14.70 74.85 77.17 3% 5.0 5.2 15.1 14.3 3.6 3.9 94.40 72.20 1.08 20.55 19.66 -5% 1.2 1.1 17.1 19.0 3.7 3.7 20.95 13.64 25.00 66.85 66.22 -1% 4.7 4.8 14.3 13.8 3.3 3.4 69.95 40.05 29.68 23.30 28.85 19% 3.2 3.6 7.2 6.4 3.6 4.1 27.85 20.15 13.38 68.40 74.22 8% 3.4 3.5 20.0 19.4 4.0 4.1 75.73 62.78 7.04 5.15 4.94 -4% 0.4 0.4 11.4 11.4 4.8 4.8 5.79 4.07 18.12 49.60 48.82 -2% 3.3 3.2 15.4 3.1 3.2 50.20 39.64 5.95 6.07 2% 0.9 0.9 5.9 5.6 4.6 4.8 6.44 4.46 6.06 4.16 4.67 11% 0.3 0.3 12.9 13.6 2.0 1.7 4.88 2.92 13.04 10.56 12.18 13% 0.2 0.4 40.7 22.6 0.8 1.4 11.20 7.70 16.94 31.50 25.91 -22% 2.2 1.8 14.4 17.8 3.0 2.6 34.75 26.35 6.06 6.08 5.89 -3% 0.0 0.2 N/A 37.8 0.0 1.2 7.62 5.34 -0.16 44.65 39.58 -13% 1.6 1.6 28.2 27.3 7.4 2.5 44.75 35.53 18.44 13.40 13.86 3% 0.8 0.8 16.0 16.2 3.8 3.8 14.48 10.96 15.32 18.80 18.95 1% 0.6 0.7 29.6 25.4 1.1 1.2 19.22 13.38 22.08 17.1 15.1 15.6 4.0 20.24 9.75 11.22 13% 0.8 0.8 12.6 11.9 4.5 4.5 10.46 6.91 18.90 22.60 28.19 20% 2.8 3.2 8.2 7.1 3.5 4.1 23.85 16.50 29.59 22.80 24.61 13.7 3.3 3.5 24.95 18.80 14.40 15.03 4% 1.4 1.5 10.5 9.6 5.8 6.0 15.50 10.70 16.88 3.92 4.49 13% 0.2 0.2 17.5 16.0 0.3 0.5 4.45 2.25 22.50 10.92 10.10 -8% -0.1 0.8 13.50 10.00 7.06 11.02 12.35 11% 1.6 1.7 7.1 6.5 3.1 3.9 12.78 10.54 -0.72 8.38 9.10 8% 0.1 0.1 13.6 12.5 0.4 0.4 9.48 7.28 7.57 2.73 3.07 11% 0.0 0.0 43.9 14.1 0.4 0.5 3.35 2.31 11.43 2.40 2.45 2% 0.0 0.0 N/A N/A 0.0 0.0 3.00 2.00 49.75 56.81 12% 0.4 0.4 17.3 15.7 0.2 0.3 54.15 42.30 13.71 37.20 38.29 3% 0.2 0.2 24.5 22.1 0.7 0.7 39.30 24.60 10.39 43.45 44.01 1% 1.6 1.8 26.5 24.4 1.1 1.3 44.05 21.73 29.36 7% 1.6 1.7 0.2 14.1 N/A 45.7 0.5 18.50 6.19 Note : The above data based on Bloomberg consensus. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 2 of 2
28. T e c h n i c a l TA Securities V i e w Thursday , April 13, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 • Foreign Technical Stock Watch FSSTI: 3,186.01 (+11.26, +0.35%) Singapore THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Stock Name FSSTI SINGTEL DBS OCBC UOB JARDINE M. WILMAR HK LAND CAPLAND GENSP KEPPEL SGX SIA FNN NOBLE CITY DEV JARDINE S. SG PRESS JARDINE C&C GOLDEN AGRI SG TECH OLAM INT CAP TRUST SEMBCORP SEMCORP M. CMFT DELGRO STARHUB SIA ENG IFOOD AGRI YZJ Close Change 12-Apr 3,186.01 11.26 3.82 19.25 9.70 22.04 65.90 3.52 7.80 3.68 1.10 6.93 7.58 10.26 2.31 0.19 10.48 42.00 3.52 46.03 0.37 3.73 1.93 2.01 3.15 1.87 2.62 2.91 3.68 0.50 1.16 (0.06) 0.09 0.11 0.07 0.20 0.03 0.07 0.01 0.04 0.02 0.00 0.07 0.01 0.01 0.01 0.09 (0.04) 0.05 0.00 0.03 (0.03) 0.02 0.00 0.00 (0.01) 0.04 (0.01) 0.01 0.00 Tel: +603-2167 9607 stsoo@ta.com.my High Low Bollinger Bands RSI Lower Mid Upper 14d 3,186.50 3,165.22 3,124.66 3,165.05 3,205.44 60.67 Moving Averages 10d 30d 50d DI + 3,178.65 3,154.57 3,129.43 22.66 DI 22.37 ADX 15.97 Diff 0.28 MACD DMI MACD DMI MACD Line Signal Diff Recent Signal Signal Change 16.43 17.42 (0.994) BUY SELL - 3.84 19.31 9.72 22.06 65.90 3.54 7.81 3.71 1.10 6.95 7.58 10.30 2.34 0.19 10.54 42.00 3.56 46.38 0.37 3.74 1.95 2.02 3.17 1.88 2.63 2.92 3.69 0.50 1.16 3.78 19.15 9.59 21.81 65.32 3.49 7.70 3.66 1.06 6.86 7.53 10.16 2.30 0.18 10.42 41.61 3.52 45.63 0.36 3.69 1.92 1.99 3.15 1.87 2.60 2.87 3.67 0.50 1.14 3.90 19.22 9.69 22.02 65.47 3.54 7.69 3.68 1.04 6.90 7.67 10.20 2.32 0.19 10.31 41.87 3.55 45.23 0.38 3.68 1.94 1.98 3.16 1.88 2.61 2.87 3.69 0.51 1.15 29.90 23.03 22.92 20.99 18.33 21.35 9.22 13.75 8.48 20.47 19.65 15.87 14.36 27.14 14.58 12.35 19.21 12.51 23.74 20.78 20.06 7.10 18.91 19.51 14.55 19.42 9.90 28.70 9.44 12.44 11.18 11.93 20.32 15.85 22.81 45.70 21.69 28.81 18.72 16.50 12.35 39.90 23.89 33.50 36.12 22.78 16.27 20.79 16.96 21.26 22.27 11.53 28.60 20.06 11.70 20.54 13.56 44.80 (15.27) 3.17 (2.28) (0.40) (0.52) (8.84) 22.15 4.84 25.83 6.60 0.18 3.81 24.21 (13.99) 16.12 16.37 0.97 12.50 (11.06) 8.49 (4.72) 17.15 0.88 10.72 8.34 2.46 3.02 (14.82) 14.84 -0.02 0.08 0.03 0.14 0.37 -0.04 0.20 0.03 0.02 0.04 0.02 0.07 0.05 -0.01 0.14 0.70 0.00 0.61 -0.01 0.02 -0.01 0.01 -0.01 0.02 0.04 0.00 0.01 -0.01 0.03 3.84 18.64 9.49 21.60 64.24 3.47 7.02 3.62 0.96 6.73 7.48 9.91 2.10 0.18 10.11 39.00 3.50 43.71 0.36 3.60 1.85 1.92 3.09 1.83 2.47 2.82 3.65 0.50 1.10 3.92 19.08 9.65 21.91 65.79 3.55 7.48 3.68 1.02 6.86 7.64 10.12 2.27 0.19 10.35 41.26 3.55 45.03 0.38 3.69 1.91 1.96 3.16 1.88 2.57 2.87 3.68 0.52 1.14 3.99 19.52 9.80 22.21 67.33 3.63 7.95 3.75 1.08 6.99 7.80 10.32 2.44 0.20 10.59 43.52 3.61 46.35 0.40 3.77 1.98 2.00 3.23 1.92 2.68 2.92 3.71 0.54 1.17 33.21 56.95 55.89 61.56 53.38 43.05 72.22 53.46 77.70 55.72 46.95 60.38 63.03 42.43 61.97 58.20 47.47 60.78 36.54 58.98 45.50 70.93 46.59 54.15 61.50 57.45 50.95 36.48 61.03 3.92 19.08 9.61 21.78 65.71 3.57 7.32 3.66 1.01 6.88 7.59 10.06 2.21 0.20 10.20 40.72 3.53 44.71 0.38 3.68 1.93 1.95 3.19 1.90 2.55 2.87 3.69 0.52 1.13 3.93 18.93 9.59 21.50 64.73 3.67 7.11 3.60 1.00 6.75 7.58 9.99 2.17 0.20 9.89 39.70 3.51 43.62 0.39 3.61 1.98 1.96 3.19 1.77 2.51 2.85 3.67 0.53 1.04 14.63 26.20 20.64 20.59 17.81 12.51 31.37 18.59 34.31 27.07 19.83 19.68 38.56 13.15 30.71 28.72 20.18 25.02 12.68 29.27 15.34 24.25 19.79 30.23 22.89 21.89 12.92 13.88 24.28 DMI www.taonline.com.my -0.01 0.09 0.04 0.16 0.41 -0.04 0.19 0.03 0.01 0.05 0.03 0.07 0.05 0.00 0.16 0.78 0.01 0.55 -0.01 0.02 -0.02 0.01 -0.01 0.03 0.03 0.00 0.01 0.00 0.04 (0.010) (0.007) (0.007) (0.017) (0.039) 0.005 0.013 (0.007) 0.007 (0.003) (0.015) 0.004 (0.004) (0.000) (0.019) (0.088) (0.007) 0.062 (0.001) (0.004) 0.009 0.005 (0.002) (0.010) 0.004 0.000 (0.003) (0.002) (0.006) SELL BUY SELL SELL SELL SELL BUY BUY BUY BUY BUY BUY BUY SELL BUY BUY BUY BUY SELL BUY SELL BUY BUY BUY BUY BUY BUY SELL BUY SELL SELL BUY SELL SELL SELL SELL BUY BUY SELL BUY SELL SELL BUY BUY SELL SELL SELL SELL SELL BUY SELL SELL BUY SELL BUY SELL BUY SELL BUY BUY BUY SELL SELL SELL - BUY - The table above consists of the revamped 30 SGX FTSE Straits Times Index component stocks, sorted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. Stock names and technical statistics in bold highlight stocks that have changes in BUY/SELL signals on the DMI and MACD on the given date. Page 1 of 2
29. INTERPRETATION OF TECHNICAL INDICATORS : Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Fundamentals of Foreign Technical Picks Bloomberg Ticker ST DBS OCBC UOB JM WIL HKL CAPL GENS KEP SGX SIA FNN NOBL CIT JS SPH JCNC GGR STE OLAM CT SCI SMM CD STH SIE IFAR SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP Stock Name Close Target Price SINGTEL DBS OCBC UOB JARDINE M. WILMAR HK LAND CAPLAND GENSP KEPPEL SGX SIA FNN NOBLE CITY DEV JARDINE S. SG PRESS JARDINE C&C GOLDEN AGRI SG TECH OLAM INT CAP TRUST SEMBCORP SEMCORP M. CMFT DELGRO STARHUB SIA ENG IFOOD AGRI 3.82 4.24 19.25 9.70 YZJSGD SP YZJ % upside EPS ($) PER(x) Div Yield(%) 52week Price % Chg 2017 2018 2017 2018 2017 2018 High Low YTD 10% 0.2 0.3 15.7 14.9 4.7 4.8 4.36 3.59 4.66 19.44 1% 1.789 1.963 10.8 9.8 3.2 3.3 19.42 14.63 11.01 9.57 -1% 0.9 0.9 11.3 10.4 3.8 3.9 9.78 8.21 8.74 22.04 21.18 -4% 1.9 2.1 11.4 10.6 3.3 3.4 22.15 17.41 8.04 65.90 63.99 -0.03 4.1 4.4 16.1 15.0 2.4 2.5 67.27 52.42 19.28 3.52 3.86 9% 0.2 0.2 12.8 11.9 2.0 2.2 4.00 2.96 -1.95 7.80 7.43 -5% 0.4 0.4 19.8 19.2 2.5 2.5 7.81 5.79 23.22 3.68 4.06 9% 0.2 0.2 17.4 17.9 2.7 2.8 3.79 2.85 21.85 1.10 1.06 -4% 0.0 0.0 31.4 28.9 2.6 2.7 1.10 0.69 21.55 6.93 6.99 1% 0.5 0.6 13.7 12.6 3.1 3.4 7.23 5.10 19.69 7.58 7.94 5% 0.3 0.4 22.6 20.9 3.9 4.2 8.05 6.96 5.87 10.26 9.76 -5% 0.4 0.4 23.2 23.7 3.5 2.6 11.67 9.60 6.10 2.31 2.19 -6% 0.1 0.1 30.0 30.4 1.9 1.9 2.41 1.92 10.53 0.19 0.22 0.15 0.0 0.0 8.9 6.1 0.0 0.0 0.36 0.11 10.59 10.48 10.78 3% 0.6 0.7 16.3 15.1 1.4 1.4 10.65 7.86 26.57 42.00 41.25 -2% 2.8 3.0 15.2 14.2 0.8 0.8 43.78 27.35 26.51 3.52 3.19 -10% 0.2 0.2 23.0 23.0 4.8 4.7 4.13 3.45 -0.28 46.03 50.63 9% 2.2 2.5 14.8 13.4 1.9 2.1 46.38 31.60 11.64 0.37 0.39 6% 0.0 0.0 16.3 14.5 1.9 2.2 0.45 0.33 -15.12 3.73 3.62 -3% 0.2 0.2 21.6 20.6 4.1 4.3 3.78 3.01 15.48 1.93 1.99 4% 0.1 0.1 14.3 13.8 2.5 2.5 2.17 1.58 -2.28 2.01 2.13 6% 0.1 0.1 17.6 17.2 5.5 5.5 2.25 1.87 6.63 3.15 3.56 11% 0.2 0.3 13.2 10.9 2.9 3.3 3.38 2.44 10.53 1.87 1.66 -12% 0.1 0.1 35.3 27.1 1.4 1.7 2.09 1.22 35.51 2.62 2.94 11% 0.2 0.2 16.7 16.1 4.2 4.6 3.02 2.37 6.07 2.91 2.61 -12% 0.2 0.2 18.0 18.9 5.5 5.4 3.97 2.73 3.56 3.68 3.55 -4% 0.2 0.2 23.9 23.7 4.2 4.0 3.91 3.35 9.20 0.50 0.59 15% 427 500 11.1 9.5 14809 16570 0.60 0.44 -4.76 1.16 1.07 -8% 0.5 0.5 11.7 12.2 16.9 16.9 1.19 0.71 41.72 Note : The above data based on Bloomberg consensus. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 2 of 2